[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![Restructuring__ Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1519523016119619585.png) Restructuring__ [@Restructuring__](/creator/twitter/Restructuring__) on x 38.3K followers
Created: 2025-07-12 17:16:11 UTC

6) IG Cash vs. CDX Spreads

Worth explaining first CDX Spreads

This represents the Credit Default Swap Index

It is a basket of credit default swaps (CDS) on XXX North American investment-grade entities

The spread represents the annual cost to buy protection against defaults in the index over X years

You look at these two metrics together because during stress periods, the divergence increases
1) More people want insurance (relatively to before), CDX will still go up on nominal basis
2) People want higher pay for buying loans (higher IG spreads)

![](https://pbs.twimg.com/media/GvrBGpTWIAAfc61.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1944083378493354424/c:line.svg)

**Related Topics**
[cds](/topic/cds)
[credit default swaps](/topic/credit-default-swaps)
[default risk](/topic/default-risk)
[chapter 11](/topic/chapter-11)
[$xwp](/topic/$xwp)

[Post Link](https://x.com/Restructuring__/status/1944083378493354424)