Credit Default Swaps
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High Yield CDS Market Summary:
July 2023
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 7/1/23 – 7/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | HPLGR 5Y | HAPAG-LLOYD A G | -31.5% | -99 | 216 | 315 | 5 |
| 2 | OLN 5Y | OLIN CORP | -27.5% | -59 | 156 | 215 | 3 |
| 3 | OVV 5Y | OVINTIV | -27.2% | -43 | 116 | 159 | 5 |
| 4 | CMACG 5Y | CMA CGM S A | -26.7% | -79 | 218 | 297 | 5 |
| 5 | IGTLN 5Y | INTERNATIONAL GAMING TECHNOLOGY PLC | -25.3% | -44 | 131 | 175 | 3 |
| 6 | EOFP 5Y | FAURECIA | -25.3% | -80 | 236 | 317 | 5 |
| 7 | APA 5Y | APACHE CORP | -24.6% | -46 | 141 | 187 | 3 |
| 8 | CHK 5Y | CHESAPEAKE ENERGY CORP | -24.0% | -57 | 180 | 237 | 3 |
| 9 | MUR 5Y | MURPHY OIL CORP | -23.5% | -52 | 170 | 223 | 3 |
| 10 | RAYAC 5Y | REXEL | -23.4% | -41 | 133 | 174 | 6 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 7/1/23 – 7/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
| 1 | ELTLX 5Y | ELECTROLUX AB | 12.0% | 13 | 124 | 111 | 8 |
| 2 | LW 5Y | LAMB WESTON | 10.4% | 10 | 107 | 97 | 4 |
| 3 | NOKIA 5Y | NOKIA CORP | 9.1% | 12 | 147 | 135 | 6 |
| 4 | UPS 5Y | UNITED PARCEL SVC AMER INC | 6.4% | 2 | 37 | 35 | 4 |
| 5 | TYC 5Y | JOHNSON CTLS INC | 5.4% | 2 | 41 | 39 | 4 |
| 6 | CITOH 5Y | LE SPORTSAC INC | 4.9% | 1 | 24 | 23 | 3 |
| 7 | MBIA_AA 5Y | MBIA INC | 3.9% | 17 | 446 | 429 | 3 |
| 8 | GVCLN 5Y | GVC CORP | 3.8% | 7 | 183 | 177 | 3 |
| 9 | THC 5Y | TENET HEALTHCARE CORP | 3.4% | 9 | 271 | 262 | 4 |
| 10 | PEMEX 5Y | PEMEX OIL CO | 2.9% | 19 | 669 | 650 | 5 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 7/1/23 – 7/31/23
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 6/30/23 vs. the month ending 7/31/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 146 | 133 | -14 | Tighter | 251 |
| U.S. | 135 | 123 | -12 | Tighter | 137 |
| Japan | 168 | 136 | -32 | Tighter | 4 |
| Europe | 166 | 152 | -15 | Tighter | 57 |
| Canada | 107 | 106 | -1 | Tighter | 6 |
| Latin America | 237 | 200 | -37 | Tighter | 5 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 7/1/23 – 7/31/23
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 6/30/23 vs. the month ending 7/31/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 146 | 133 | -14 | Tighter | 251.00 |
| Healthcare & Pharmaceuticals | 122 | 110 | -13 | Tighter | 8.00 |
| Energy: Oil & Gas | 113 | 104 | -9 | Tighter | 18.00 |
| Insurance | 84 | 74 | -10 | Tighter | 6.00 |
| Real Estate | 167 | 158 | -10 | Tighter | 6.00 |
| Telecommunications | 105 | 100 | -6 | Tighter | 20.00 |
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