High Yield CDS Market Summary – August 2022
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High Yield CDS Market Summary: July 2022
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 7/1/22 – 7/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | SWY 5Y | SAFEWAY INC | -41.5% | -176 | 248 | 425 |
| 2 | LW 5Y | LAMB WESTON | -41.0% | -83 | 120 | 203 |
| 3 | ABS 5Y | NEW ALBERTSONS INC | -39.7% | -163 | 248 | 411 |
| 4 | TMUS 5Y | T-MOBILE USA INC | -37.1% | -70 | 118 | 188 |
| 5 | GNW 5Y | AQGEN LIBERTY MGMT I INC | -34.3% | -194 | 370 | 564 |
| 6 | IRM 5Y | IRON MOUNTAIN INCORPORATED | -33.9% | -113 | 221 | 334 |
| 7 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | -33.1% | -174 | 352 | 527 |
| 8 | RDN 5Y | RADIAN GROUP INC | -32.5% | -108 | 224 | 332 |
| 9 | SEE 5Y | SEALED AIR CORP NEW | -31.7% | -90 | 195 | 285 |
| 10 | ADT 5Y | PROTECTION ONE INC | -31.6% | -154 | 333 | 487 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 7/1/22 – 7/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | MONTE 5Y | BANCA ANTONVENETA SPA/OLD | 30.7% | 170 | 725 | 555 |
| 2 | NDASS 5Y | NORDEA BANK AG MEDIUM TERM | 21.9% | 11 | 61 | 50 |
| 3 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | 18.1% | 88 | 572 | 484 |
| 4 | INTRUM 5Y | INTRUM JUSTITIA AB | 17.2% | 107 | 732 | 625 |
| 5 | TITIM 5Y | TELECOM ITALIA SPA | 15.1% | 63 | 479 | 416 |
| 6 | TCKCN 5Y | TECK RESOURCES LIMITED | 14.4% | 29 | 234 | 205 |
| 7 | UNILAB 5Y | UNILABS HOLDINGS SA | 12.9% | 19 | 170 | 151 |
| 8 | NGGLN 5Y | BOSTON GAS CO | 11.8% | 11 | 102 | 91 |
| 9 | SDFGR 5Y | MORTON INTL INC IND | 11.8% | 37 | 349 | 312 |
| 10 | TKAGR 5Y | VERTICAL MIDCO GMBH | 11.3% | 60 | 593 | 533 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 7/1/22 – 7/31/22 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 6/30/22 vs. the month ending 7/31/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 263 | 213 | -50 | Tighter | 251 |
| U.S. | 254 | 209 | -44 | Tighter | 138 |
| Japan | 238 | 222 | -16 | Tighter | 4 |
| Europe | 284 | 277 | -6 | Tighter | 52 |
| Canada | 139 | 141 | 2 | Wider | 6 |
| APAC | 168 | 143 | -25 | Tighter | 5 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 7/1/22 – 7/31/22 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 6/30/22 vs. the month ending 7/31/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 263 | 213 | -50 | Tighter | 251.00 |
| Construction & Building | 207 | 180 | -27 | Tighter | 6.00 |
| Energy: Oil & Gas | 228 | 178 | -49 | Tighter | 14.00 |
| Metals & Mining | 309 | 243 | -66 | Tighter | 9.00 |
| Insurance | 119 | 114 | -5 | Tighter | 6.00 |
| High Tech Industries | 89 | 69 | -20 | Tighter | 11.00 |
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