High Yield CDS Market Summary – February 2025
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High Yield CDS Market Summary: February 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 2/1/25 – 2/28/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NCX 5Y | NOVA CHEMS LTD | -43.6% | -81 | 106 | 187 | 3 |
| 2 | CECGR 5Y | CECONOMY AG | -42.5% | -137 | 186 | 323 | 3 |
| 3 | OI 5Y | OI EUROPEAN GROUP BV | -26.2% | -86 | 242 | 328 | 3 |
| 4 | THYELE HOLDCO 5Y | VERTICAL MIDCO GMBH | -25.9% | -79 | 226 | 305 | 3 |
| 5 | CSTM 5Y | CONSTELLIUM NV | -24.2% | -71 | 223 | 295 | 3 |
| 6 | SAIBV 5Y | SAIPEM FINANCE INTERNATIONAL BV | -24.0% | -37 | 118 | 155 | 3 |
| 7 | DUFNSW 5Y | DUFRY AG | -13.6% | -17 | 109 | 126 | 3 |
| 8 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | -13.3% | -37 | 242 | 279 | 3 |
| 9 | CMACG 5Y | CMA CGM S A | -12.5% | -30 | 211 | 242 | 4 |
| 10 | TGNA 5Y | TEGNA INC | -11.9% | -27 | 201 | 229 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 2/1/25 – 2/28/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NWL 5Y | NEWELL RUBBERMAID INC MEDIUM | 38.0% | 74 | 268 | 194 | 3 |
| 2 | ZIGGO 5Y | ZIGGO HOLDING BV | 16.5% | 52 | 366 | 314 | 3 |
| 3 | OLN 5Y | OLIN CORP | 13.6% | 21 | 177 | 156 | 3 |
| 4 | IRM 5Y | IRON MOUNTAIN INCORPORATED | 12.6% | 12 | 108 | 96 | 3 |
| 5 | TUIGR 5Y | CP SHIPS LTD | 12.4% | 26 | 233 | 207 | 3 |
| 6 | AMKR 5Y | AMKOR TECHNOLOGY INC | 11.8% | 12 | 110 | 99 | 3 |
| 7 | CAR 5Y | AVIS BUDGET CAR RENTAL LLC | 11.8% | 41 | 393 | 352 | 4 |
| 8 | THC 5Y | TENET HEALTHCARE CORP | 10.1% | 12 | 127 | 116 | 4 |
| 9 | UIS 5Y | UNISYS CORP | 10.0% | 30 | 332 | 301 | 3 |
| 10 | F_MC 5Y | FORD MTR CR CO | 10.0% | 14 | 156 | 142 | 4 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 2/1/25 – 2/28/25 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 1/31/24 vs. the month ending 2/28/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 137 | 133 | -3 | Tighter | 188 |
| U.S. | 128 | 130 | 2 | Wider | 100 |
| Europe | 156 | 149 | -7 | Tighter | 50 |
| Canada | 131 | 90 | -41 | Tighter | 2 |
| APAC | 100 | 96 | -4 | Tighter | 1 |
| RoW | 110 | 110 | 0 | Unchanged | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 2/1/25 – 2/28/25 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 1/31/24 vs. the month ending 2/28/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 137 | 133 | -3 | Tighter | 188.00 |
| Banking | 141 | 144 | 3 | Wider | 4.00 |
| Retail | 131 | 121 | -10 | Tighter | 16.00 |
| High Tech Industries | 99 | 110 | 12 | Wider | 5.00 |
| Telecommunications | 176 | 162 | -14 | Tighter | 12.00 |
| Construction & Building | 206 | 208 | 2 | Wider | 4.00 |
Stay up-to-date with monthly summaries.
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