November 3 CDS Heatmap
Below are the heatmaps for the North American components of IG, as of November 3 intraday and Month to Date. We will provide today's update as soon as we have it. Notable yesterday was that not only 5 Yr AIG widened even as the stock was melting up ever higher, the curve was flattening, with 7 and 10 years of both AIG and ILFC (right AIG column) tightening. The days of flat (or, heaven forbid, inverted) curves, so ubiquitous a year ago, just may make a come back yet. The widening in financials was all of the place, with only Black and Decker, Clorox, MOT, Constellation and CBS moving tighter. It is still too early in the Month to Date category to extract any trends.
(Reminder: red is wider, boxes are beta adjusted).