High Yield CDS Market Summary: April 2025

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 4/1/25 – 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

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

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

Exhibits the HY mid spread by region for the month ending 3/31/24 vs. the month ending 4/30/25

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

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