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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