High Yield CDS Market Summary:
April 2023

Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

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Showcases the top 10 HY CDS “outperformers” based on the largest mid spread decreases between 4/1/23 – 4/30/23

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	SIG 5Y	REYNOLDS GROUP HOLDINGS LIMITED	-33.8%	-113	221	333	3
2	SEE 5Y	SEALED AIR CORP NEW	-32.7%	-71	146	217	3
3	ARNC 5Y	ALCOA INC	-30.3%	-40	93	133	3
4	POL 5Y	POLYONE CORP	-26.8%	-79	215	294	2
5	BLL 5Y	BALL CORP	-26.4%	-52	146	198	4
6	CIT 5Y	AT&T CAP CORP	-25.6%	-81	236	317	3
7	AVP 5Y	AVON PRODS INC	-25.3%	-104	307	411	3
8	TVOYFH 5Y	TVO	-23.7%	-31	99	130	3
9	DAVITA 5Y	DAVITA HEALTHCARE PARTNERS INC	-22.6%	-58	201	259	3
10	MAT 5Y	MATTEL INC	-22.5%	-62	213	274	2

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 4/1/23 – 4/30/23

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	CABBCO 5Y	MONITCHEM HOLDCO 3	48.6%	170	521	351	4
2	DANBNK 5Y	DANSKE BK A/S MEDIUM TERM NTS	22.4%	16	89	72	3
3	CMACG 5Y	CMA CGM S A	20.5%	56	332	275	4
4	UPS 5Y	UNITED PARCEL SVC AMER INC	18.8%	6	40	33	4
5	TITIM 5Y	TELECOM ITALIA SPA	17.4%	58	394	336	6
6	BSX 5Y	BOSTON SCIENTIFIC CORP	17.3%	6	42	36	4
7	SEB 5Y	SKANDINAVISKA ENSKILDA BANKEN	17.2%	12	81	70	3
8	NOKIA 5Y	NOKIA CORP	16.5%	21	150	129	6
9	CHRYSLER 5Y	FIAT CHRYSLER AUTOMOBILES NV	16.3%	24	175	150	7
10	CLF 5Y	CLIFFS NAT RES INC	15.5%	45	337	292	5

Displays the HY CDS spread by region between 4/1/23 – 4/30/23

Results are based on 5 select regions, however, we offer data across 12 regions

Exhibits the HY mid spread by region for the month ending 3/31/23 vs. the month ending 4/30/23

Displays the HY CDS spread by industry between 4/1/23 – 4/30/23

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

Exhibits the HY spread by industry for the month ending 3/31/23 vs. the month ending 4/30/23

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	176	166	-9	Tighter	247.00
Capital Equipment	349	363	1	Wider	6.00
Energy: Oil & Gas	126	120	-6	Tighter	16.00
Insurance	99	97	-2	Tighter	6.00
Real Estate	190	171	-18	Tighter	6.00
Media: Advertising, Printing & Publishing	162	173	12	Wider	2.00