High Yield CDS Market Summary:
January 2022

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 12/31/21 – 1/31/22

RANK	BOND NAME	ISSUER	% CHG	BPS CHG	SPRD	SPRD-1 MNTH
1	STGATE 5Y	STONEGATE PUB CO FINANCING PLC	-21.4%	-116	426	542
2	AR 5Y	ANTERO RESOURCES CORP	-16.5%	-54	273	326
3	AFKLM 5Y	AIR FRANCE-KLM	-10.0%	-47	425	472
4	LABFP 5Y	EPHIOS BONDCO	-9.4%	-6	58	64
5	OVV 5Y	OVINTIV	-7.7%	-12	139	150
6	OSBCN 5Y	NORBORD INC	-5.7%	-3	53	56
7	INTRUM 5Y	INTRUM JUSTITIA AB	-4.1%	-15	345	360
8	ECACN 5Y	ALBERTA ENERGY CO LTD MEDIUM	-3.5%	-5	132	137
9	DDS 5Y	DILLARD DEPT STORES INC	-3.2%	-3	96	99
10	BANSAB 5Y	TRANSATLANTIC BK MIAMI FLA	-1.8%	-1	80	82

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 12/31/21 – 1/31/22

Displays the HY CDS spread by region between 12/31/21 – 1/31/22

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 12/31/21 vs. the month ending 1/31/22

Displays the HY CDS spread by industry between 12/31/21 – 1/31/22

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 12/31/21 vs. the month ending 1/31/22

INDUSTRY	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	141	160	19	Wider	327
Chemicals, Plastics & Rubber	133	181	48	Wider	11
Construction & Building	79	100	21	Wider	6
Healthcare & Pharmaceuticals	109	136	27	Wider	11
Real Estate	268	335	67	Wider	11
Transportation: Cargo	67	70	3	Wider	7

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