High Yield CDS Market Summary – June 2024
GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
High Yield CDS Market Summary:June 2024
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 6/1/24 – 6/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | MBIA_AA 5Y | MBIA INC | -19.3% | -30 | 124 | 154 | 3 |
| 2 | CCLLN 5Y | CARNIVAL PLC | -19.2% | -50 | 210 | 259 | 4 |
| 3 | NCX 5Y | NOVA CHEMS LTD | -16.1% | -36 | 188 | 224 | 3 |
| 4 | MGM 5Y | MGM RESORTS INTERNATIONAL | -15.9% | -28 | 150 | 179 | 3 |
| 5 | RCL 5Y | ROYAL CARIBBEAN CRUISES LTD | -15.3% | -19 | 106 | 126 | 4 |
| 6 | RMK 5Y | ARAMARK CORP | -9.3% | -11 | 105 | 116 | 3 |
| 7 | CZR 5Y | CAESARS ENTERTAINMENT OP | -8.9% | -17 | 169 | 186 | 3 |
| 8 | ADT 5Y | PROTECTION ONE INC | -6.3% | -7 | 110 | 117 | 3 |
| 9 | SIRI 5Y | SCS HOLDINGS INC | -5.8% | -13 | 212 | 225 | 3 |
| 10 | GFKLDE 5Y | LOWELL HOLDINGS GMBH | -3.5% | -4 | 108 | 112 | 2 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 6/1/24 – 6/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RAYAC 5Y | REXEL | 31.9% | 30 | 126 | 96 | 4 |
| 2 | CSTM 5Y | CONSTELLIUM NV | 29.6% | 51 | 222 | 171 | 3 |
| 3 | BBWI 5Y | BATH & BODY WORKS | 27.0% | 38 | 180 | 142 | 3 |
| 4 | AES 5Y | AES TRUST I | 25.4% | 23 | 111 | 89 | 4 |
| 5 | CNH 5Y | CASE CORP | 24.1% | 20 | 100 | 81 | 3 |
| 6 | LB 5Y | LIMITED BRANDS | 23.4% | 34 | 179 | 145 | 2 |
| 7 | VOVCAB 5Y | VOLVO | 22.5% | 34 | 187 | 153 | 3 |
| 8 | AFKLM 5Y | AIR FRANCE-KLM | 22.3% | 44 | 241 | 197 | 5 |
| 9 | TKAGR 5Y | VERTICAL MIDCO GMBH | 20.9% | 31 | 179 | 148 | 3 |
| 10 | CCK 5Y | CROWN AMERICAS LLC | 20.3% | 23 | 139 | 115 | 2 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 6/1/24 – 6/30/24 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 5/31/24 vs. the month ending 6/30/24
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 137 | 147 | 11 | Wider | 228 |
| U.S. | 134 | 139 | 4 | Wider | 127 |
| Canada | 75 | 75 | 0 | Tighter | 3 |
| China | 77 | 77 | 0 | Wider | 1 |
| APAC | 113 | 116 | 3 | Wider | 1 |
| Latin America | 170 | 175 | 5 | Wider | 6 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 6/1/24 – 6/30/24 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 5/31/24 vs. the month ending 6/30/24
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 137 | 147 | 11 | Wider | 228.00 |
| Aerospace & Defense | 82 | 92 | 10 | Wider | 1.00 |
| Chemicals, Plastics & Rubber | 101 | 93 | -8 | Tighter | 10.00 |
| Telecommunications | 183 | 195 | 12 | Wider | 12.00 |
| Media: Broadcasting & Subscription | 306 | 294 | -12 | Tighter | 7.00 |
| Energy: Electricity | 125 | 132 | 6 | Wider | 1.00 |
Stay up-to-date with monthly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
