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Hard Time For US Retailers...All of Them

20 January 2014 by HCM

SPLS (Staples, Inc.) has already been mentioned in a previous comment regarding the hard time it is getting from the credit market since early January. It is actually a fate that all US retailers (to various degrees though) have been sharing. Even though risk premia have generally decreased over the last 5 weeks (CDX Investment Grade in the US is tighter by 5bps during this period), all US retailers are wider. It is therefore not surprising to see that they are all part of the same statistical cluster (North America / Retail) at the moment. They have all moved in unison and have trended against the market since mid-December.