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 |
Stay up-to-date with monthly summaries.
