After three months of consecutive monthly declines, the Baird CDS Index showed an abrupt reversal for the month of June. Named after global investment bank Baird, the index represents 36 credit default swap contracts for non-investment grade debt of non-financial companies. Heightened concern over the risk of credit default reemerged during June. The firm says the index shows the risk of credit default has spread beyond capital deficient financial institutions to include almost all non-investment grade borrowers once again.