Credit Default Swaps
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High Yield CDS Market Summary: August 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 8/1/25 – 8/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | TGNA 5Y | TEGNA INC | -70.2% | -144 | 61 | 205 | 3 |
| 2 | SCFER 5Y | SCHAEFFLER FINANCE BV | -30.0% | -49 | 114 | 163 | 3 |
| 3 | CECGR 5Y | CECONOMY AG | -28.5% | -46 | 115 | 160 | 3 |
| 4 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | -24.9% | -66 | 200 | 266 | 3 |
| 5 | MBIA_AA 5Y | MBIA INC | -22.1% | -43 | 152 | 195 | 3 |
| 6 | OLN 5Y | OLIN CORP | -20.7% | -42 | 162 | 205 | 4 |
| 7 | FTI 5Y | TECHNIPFMC PLC | -16.0% | -19 | 101 | 120 | 3 |
| 8 | AES 5Y | AES TRUST I | -14.7% | -18 | 102 | 120 | 4 |
| 9 | AFKLM 5Y | AIR FRANCE-KLM | -11.2% | -19 | 151 | 170 | 5 |
| 10 | F_MC 5Y | FORD MTR CR CO | -11.0% | -18 | 148 | 166 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 8/1/25 – 8/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
| 1 | MUR 5Y | MURPHY OIL CORP | 16.7% | 29 | 206 | 177 | 3 |
| 2 | PBI 5Y | CIBA GEIGY CORP | 14.5% | 23 | 186 | 162 | 4 |
| 3 | GT 5Y | GOODYEAR TIRE & RUBBER CO | 10.7% | 27 | 280 | 253 | 4 |
| 4 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | 10.7% | 11 | 119 | 107 | 3 |
| 5 | OI 5Y | OI EUROPEAN GROUP BV | 8.4% | 18 | 233 | 214 | 3 |
| 6 | CCOH 5Y | CCO HOLDINGS LLC | 7.4% | 13 | 185 | 172 | 3 |
| 7 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | 7.2% | 10 | 155 | 144 | 3 |
| 8 | CSTM 5Y | CONSTELLIUM NV | 6.1% | 12 | 208 | 196 | 3 |
| 9 | IPGIM 5Y | SALINI IMPREGILO | 5.9% | 10 | 173 | 163 | 3 |
| 10 | BANBRA 5Y | BANCO DO BRASIL S A MEDIUM | 5.6% | 8 | 143 | 135 | 2 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 8/1/25 – 8/31/25
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 7/31/24 vs. the month ending 8/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 135 | 119 | -17 | Tighter | 180 |
| U.S. | 120 | 118 | -2 | Tighter | 97 |
| Europe | 163 | 0 | -163 | Tighter | 0 |
| Canada | 70 | 72 | 2 | Wider | 2 |
| China | 83 | 79 | -4 | Tighter | 1 |
| APAC | 85 | 82 | -3 | Tighter | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 8/1/25 – 8/31/25
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 7/31/24 vs. the month ending 8/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 135 | 119 | -17 | Tighter | 180.00 |
| Beverage, Food & Tobacco | 218 | 215 | -2 | Tighter | 7.00 |
| Chemicals, Plastics & Rubber | 119 | 111 | -9 | Tighter | 6.00 |
| Construction & Building | 248 | 254 | 6 | Wider | 3.00 |
| Transportation: Cargo | 156 | 163 | 7 | Wider | 3.00 |
| Insurance | 103 | 81 | -22 | Tighter | 2.00 |
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