Credit Default Swaps

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High Yield CDS Market Summary:
april 2024

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 4/1/24 – 4/30/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 BANSAB 5Y TRANSATLANTIC BK MIAMI FLA -28.2% -30 77 107 2
2 NVFVES 5Y NOVAFIVES SAS -19.6% -56 231 287 3
3 AR 5Y ANTERO RESOURCES CORP -15.7% -17 91 107 6
4 SCFER 5Y SCHAEFFLER FINANCE BV -15.4% -23 129 152 2
5 HPLGR 5Y HAPAG-LLOYD A G -13.1% -35 230 265 3
6 MUR 5Y MURPHY OIL CORP -12.2% -14 100 114 6
7 BOMB 5Y BOMBARDIER CAP TR -12.1% -31 229 260 3
8 TEVA 5Y TEVA PHARMACEUTICAL INDUSTRIES LTD -9.0% -14 140 154 4
9 CMACG 5Y CMA CGM S A -7.9% -19 216 235 3
10 GFKLDE 5Y LOWELL HOLDINGS GMBH -7.0% -8 111 120 2

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 4/1/24 – 4/30/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPREAD SPREAD-1 MONTH DEALERS
1 NAVI 5Y SLM CORP MEDIUM TERM NTS BOOK 37.2% 94 348 254 5
2 IGTLN 5Y INTERNATIONAL GAMING TECHNOLOGY PLC 34.3% 40 155 115 3
3 NIDHEA 5Y STADA ARZNEIMITTEL AG 33.9% 44 175 131 3
4 IGT 5Y INTERNATIONAL GAME TECHNOLOGY 32.5% 38 156 118 2
5 CAR 5Y AVIS BUDGET CAR RENTAL LLC 26.6% 97 463 366 4
6 TITIM 5Y TELECOM ITALIA SPA 26.1% 56 273 216 5
7 LHAGR 5Y DEUTSCHE LUFTHANSA AG 24.4% 26 133 106 5
8 UPC 5Y UPC HOLDING BV 24.3% 51 261 210 4
9 GPS 5Y GAP INC 23.0% 40 213 173 5
10 XRX 5Y XEROX BUSINESS SERVICES LLC 19.1% 60 376 316 5

Normalized HY Spread by Region

Displays the HY CDS spread by region between 4/1/24 – 4/30/24

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 3/31/24 vs. the month ending 4/30/24

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 141 147 5 Wider 178
U.S. 141 141 0 Tighter 94
Europe 153 155 2 Wider 49
Canada 188 170 -18 Tighter 4
China 82 83 1 Wider 1
APAC 122 118 -4 Tighter 1

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 4/1/24 – 4/30/24

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 3/31/24 vs. the month ending 4/30/24

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 141 147 5 Wider 178.00
Beverage, Food & Tobacco 171 185 14 Wider 5.00
Utilities: Electric 125 129 4 Wider 6.00
Containers, Packaging, & Glass 99 95 -4 Tighter 6.00
Transportation: Cargo 235 216 -19 Tighter 3.00
Construction & Building 185 186 1 Wider 5.00

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