Credit Default Swaps

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High Yield CDS Market Summary: January 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 1/1/25 – 1/31/25

 

 

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 CALPINE 5Y CALPINE CORP -52.0% -76 70 145 4
2 X 5Y TRANSTAR HLDGS INC -32.4% -68 142 210 5
3 MONTE 5Y BANCA ANTONVENETA SPA/OLD -30.3% -38 87 125 3
4 UAL 5Y UNITED CONTINENTAL HOLDINGS INC -19.0% -35 150 185 4
5 BANBRA 5Y BANCO DO BRASIL S A MEDIUM -17.4% -38 179 216 2
6 CCLLN 5Y CARNIVAL PLC -16.1% -24 126 150 4
7 SIRI 5Y SCS HOLDINGS INC -16.1% -34 176 210 3
8 PETBRA 5Y PF EXPT RECEIVABLES MASTER TR -15.8% -35 186 221 3
9 SWY 5Y SAFEWAY INC -14.1% -14 87 101 3
10 KBH 5Y KB HOME -13.8% -22 138 160 4

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 1/1/25 – 1/31/25

 

 

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPREAD SPREAD-1 MONTH DEALERS
1 TGNA 5Y TEGNA INC 30.6% 54 229 175 3
2 NMAC 5Y NISSAN MTR ACCEP CORP 21.3% 26 147 121 3
3 SOFTBK 5Y SOFTBANK GROUP CORP 15.0% 30 230 200 6
4 CSTM 5Y CONSTELLIUM NV 10.6% 28 295 267 3
5 IGT 5Y INTERNATIONAL GAME TECHNOLOGY 8.9% 10 123 113 2
6 SAIBV 5Y SAIPEM FINANCE INTERNATIONAL BV 8.9% 13 155 143 3
7 IPGIM 5Y SALINI IMPREGILO 8.8% 16 198 182 3
8 MBIA_AA 5Y MBIA INC 8.0% 28 378 350 2
9 CMACG 5Y CMA CGM S A 7.5% 17 242 225 3
10 ASSDLN 5Y ASDA 7.4% 36 525 489 3

Normalized HY Spread by Region

Displays the HY CDS spread by region between 1/1/25 – 1/31/25

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 12/31/24 vs. the month ending 1/31/25

 

 

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 134 137 3 Wider 190
U.S. 131 128 -3 Tighter 99
Europe 160 156 -4 Tighter 50
China 87 95 8 Wider 1
APAC 107 100 -7 Tighter 1
RoW 98 110 13 Wider 1

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 1/1/25 – 1/31/25

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 12/31/24 vs. the month ending 1/31/25

 

 

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 134 137 3 Wider 190
Beverage, Food & Tobacco 177 164 -13 Tighter 8
Capital Equipment 181 182 1 Wider 5
Media: Broadcasting & Subscription 275 265 -10 Tighter 5
Transportation: Cargo 155 161 7 Wider 3
Construction & Building 195 206 11 Wider 4

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