Credit Default Swaps
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High Yield CDS Market Summary:
April 2023
Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.
Top 10 Outperformers
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 |
Top 10 Underperformers
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 |
Normalized HY Spread by Region
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
HY Spread by Region – Monthly Comparison
Exhibits the HY mid spread by region for the month ending 3/31/23 vs. the month ending 4/30/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 176 | 166 | -9 | Tighter | 247 |
| U.S. | 164 | 149 | -15 | Tighter | 133 |
| U.K. | 109 | 104 | -5 | Tighter | 16 |
| Canada | 168 | 140 | -28 | Tighter | 5 |
| China | 145 | 132 | -14 | Tighter | 3 |
| APAC | 133 | 124 | -9 | Tighter | 5 |
Normalized HY Spread by Industry
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
HY Spread by Industries – Monthly Comparison
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 |
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