CNC – Base Case CDS 126bps, Base Case iCDS 69bps, Negative Case iCDS 71bps, 2029 4.625% Bond YTW of 5.617%, iYTW of 4.827%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

March 13, 2024

  • Cash bond markets are overstating CNC’s credit risk with a YTW of 5.617% relative to an Intrinsic YTW of 4.827%, while CDS markets are slightly overstating credit risk with a CDS of 126bps relative to an Intrinsic CDS of 69bps. Furthermore, Moody’s is overstating CNC’s fundamental credit risk with its Ba1 credit rating three notches below Valens’ IG4+ (Baa1) credit rating

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683