High Yield CDS Market Summary – April 2025
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High Yield CDS Market Summary: April 2025
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 4/1/25 – 4/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NRG 5Y | NRG ENERGY INC | -18.4% | -26 | 115 | 140 | 3 |
| 2 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | -17.5% | -52 | 245 | 296 | 3 |
| 3 | AMKR 5Y | AMKOR TECHNOLOGY INC | -17.3% | -25 | 121 | 146 | 3 |
| 4 | CALPINE 5Y | CALPINE CORP | -16.8% | -17 | 86 | 103 | 3 |
| 5 | LW 5Y | LAMB WESTON | -12.7% | -21 | 143 | 164 | 4 |
| 6 | THC 5Y | TENET HEALTHCARE CORP | -9.6% | -17 | 162 | 179 | 5 |
| 7 | TITIM 5Y | TELECOM ITALIA SPA | -9.6% | -17 | 161 | 178 | 3 |
| 8 | ELISS 5Y | ELIS SA | -8.1% | -8 | 96 | 104 | 3 |
| 9 | GPS 5Y | GAP INC | -7.2% | -14 | 180 | 194 | 3 |
| 10 | CCOH 5Y | CCO HOLDINGS LLC | -6.6% | -13 | 190 | 204 | 4 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 4/1/25 – 4/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | MUR 5Y | MURPHY OIL CORP | 65.1% | 122 | 308 | 187 | 4 |
| 2 | AR 5Y | ANTERO RESOURCES CORP | 48.0% | 50 | 153 | 103 | 3 |
| 3 | NMAC 5Y | NISSAN MTR ACCEP CORP | 47.3% | 96 | 299 | 203 | 4 |
| 4 | NWL 5Y | NEWELL RUBBERMAID INC MEDIUM | 44.9% | 162 | 522 | 361 | 4 |
| 5 | BAB 5Y | BRITISH AIRWAYS | 41.5% | 44 | 150 | 106 | 3 |
| 6 | RAKUTN 5Y | RAKUTEN INC | 40.6% | 97 | 337 | 240 | 3 |
| 7 | TECHEM 5Y | TECHEM GMBH | 40.0% | 83 | 290 | 207 | 2 |
| 8 | OLN 5Y | OLIN CORP | 33.1% | 72 | 291 | 219 | 3 |
| 9 | BAIDU 5Y | BAIDU INC | 28.8% | 29 | 129 | 100 | 2 |
| 10 | ZFFNGR 5Y | ZF NA CAPITAL | 28.4% | 114 | 517 | 402 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 4/1/25 – 4/30/25 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 4/30/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 165 | 174 | 9 | Wider | 184 |
| U.S. | 166 | 175 | 9 | Wider | 97 |
| U.K. | 133 | 162 | 29 | Wider | 16 |
| Canada | 82 | 110 | 28 | Wider | 2 |
| China | 100 | 129 | 29 | Wider | 1 |
| APAC | 108 | 121 | 13 | Wider | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 4/1/25 – 4/30/25 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 4/30/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 165 | 174 | 9 | Wider | 184.00 |
| Banking | 147 | 142 | -4 | Tighter | 4.00 |
| Beverage, Food & Tobacco | 208 | 256 | 48 | Wider | 7.00 |
| Healthcare & Pharmaceuticals | 166 | 157 | -10 | Tighter | 5.00 |
| Services: Business | 154 | 195 | 42 | Wider | 2.00 |
| Containers, Packaging, & Glass | 113 | 130 | 17 | Wider | 6.00 |
Stay up-to-date with monthly summaries.
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