Credit Default Swaps
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High Yield CDS Market Summary:
August 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 8/1/22 – 8/31/22
RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
1 | GT 5Y | GOODYEAR TIRE & RUBBER CO | -25.6% | -122 | 355 | 476 |
2 | OXY 5Y | OCCIDENTAL PETE CORP | -24.2% | -39 | 121 | 160 |
3 | TCKCN 5Y | TECK RESOURCES LIMITED | -20.6% | -48 | 186 | 234 |
4 | TDC 5Y | NORDIC TEL CO HLDG APS | -46.5% | -120 | 137 | 257 |
5 | ARM 5Y | ARVIN CAP I | -39.4% | -44 | 67 | 111 |
6 | ORANOF 5Y | ORANO SA | -19.4% | -51 | 213 | 265 |
7 | NIDHEA 5Y | STADA ARZNEIMITTEL AG | -17.6% | -121 | 565 | 686 |
8 | CCK 5Y | CROWN AMERICAS LLC | -17.3% | -47 | 226 | 273 |
9 | XRX 5Y | XEROX BUSINESS SERVICES LLC | -17.1% | -77 | 376 | 453 |
10 | FCX 5Y | FREEPORT-MCMORAN COPPER & GOLD | -15.8% | -36 | 191 | 226 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 8/1/22 – 8/31/22
RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
1 | BLL 5Y | BALL CORP | 38.2% | 81 | 293 | 212 |
2 | LW 5Y | LAMB WESTON | 37.1% | 44 | 164 | 120 |
3 | DELL 5Y | DELL COMPUTER CORP | 33.7% | 50 | 198 | 148 |
4 | BMY 5Y | BRISTOL MYERS SQUIBB CO | 28.6% | 10 | 44 | 34 |
5 | BZH 5Y | BEAZER HOMES USA INC | 28.5% | 157 | 709 | 552 |
6 | UIS 5Y | UNISYS CORP | 23.6% | 102 | 534 | 432 |
7 | KHC 5Y | KRAFT HEINZ FOODS CO | 22.4% | 17 | 94 | 77 |
8 | AGLSCG 5Y | ALGECO GLOBAL FINANCE PLC | 20.0% | 45 | 271 | 226 |
9 | TOL 5Y | TOLL BROS INC | 19.9% | 47 | 282 | 235 |
10 | MBIA_AA 5Y | MBIA INC | 19.6% | 59 | 359 | 301 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 8/1/22 – 8/31/22
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 7/31/22 vs. the month ending 8/31/22
REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
Global | 213 | 212 | -1 | Tighter | 256 |
U.S. | 209 | 200 | -9 | Tighter | 140 |
Japan | 222 | 215 | -7 | Tighter | 4 |
Canada | 141 | 129 | -12 | Tighter | 6 |
APAC | 143 | 129 | -14 | Tighter | 5 |
Latin America | 289 | 261 | -28 | Tighter | 9 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 8/1/22 – 8/31/22
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 7/31/22 vs. the month ending 8/31/22
INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
All Industries | 213 | 212 | -1 | Tighter | 256 |
Aerospace & Defense | 388 | 336 | -52 | Tighter | 2 |
Construction & Building | 180 | 206 | 26 | Wider | 8 |
Insurance | 114 | 118 | 4 | Wider | 6 |
Utilities: Electric | 165 | 151 | -14 | Tighter | 10 |
Healthcare & Pharmaceuticals | 171 | 177 | 6 | Wider | 8 |
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