Credit Default Swaps

GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX.  LEARN MORE

High Yield CDS Market Summary:
March 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 3/1/24 – 3/31/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 DAVITA 5Y DAVITA HEALTHCARE PARTNERS INC -21.3% -36 132 168 4
2 SAIBV 5Y SAIPEM FINANCE INTERNATIONAL BV -19.0% -40 171 211 4
3 NRG 5Y NRG ENERGY INC -17.9% -29 134 163 3
4 AGFC 5Y AGFC CAP TR I -17.6% -42 197 240 3
5 FRFP 5Y VALEO SA -17.1% -37 177 213 7
6 BAB 5Y BRITISH AIRWAYS -15.2% -26 145 171 3
7 TKAGR 5Y VERTICAL MIDCO GMBH -14.9% -24 135 159 4
8 VISTRAENE 5Y VISTRA ENERGY CORP -14.4% -21 126 147 3
9 RCL 5Y ROYAL CARIBBEAN CRUISES LTD -13.8% -23 142 165 4
10 THC 5Y TENET HEALTHCARE CORP -10.2% -17 146 162 5

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 3/1/24 – 3/31/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPREAD SPREAD-1 MONTH DEALERS
1 RAKUTN 5Y RAKUTEN INC 40.9% 121 415 295 5
2 VMED 5Y NTL CABLE PLC 37.3% 105 386 281 4
3 UPC 5Y UPC HOLDING BV 27.1% 45 210 165 3
4 ZIGGO 5Y ZIGGO HOLDING BV 22.0% 66 364 299 3
5 CMACG 5Y CMA CGM S A 20.8% 40 235 194 3
6 HPLGR 5Y HAPAG-LLOYD A G 19.9% 44 265 221 3
7 TITIM 5Y TELECOM ITALIA SPA 18.5% 34 216 183 5
8 X 5Y TRANSTAR HLDGS INC 17.7% 21 142 120 4
9 CECGR 5Y CECONOMY AG 13.3% 40 338 298 3
10 NIDHEA 5Y STADA ARZNEIMITTEL AG 12.0% 14 131 117 2

Normalized HY Spread by Region

Displays the HY CDS spread by region between 3/1/24 – 3/31/24

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 2/29/24 vs. the month ending 3/31/24

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 155 142 -13 Tighter 180
U.S. 151 141 -10 Tighter 94
Japan 167 83 -84 Tighter 5
U.K. 105 105 0 Unchanged 17
China 80 82 2 Wider 1
APAC 121 123 2 Wider 1

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 3/1/24 – 3/31/24

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 2/29/24 vs. the month ending 3/31/24

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 155 142 -13 Tighter 180.00
Retail 149 152 3 Wider 14.00
Energy: Electricity 163 134 -29 Tighter 1.00
Real Estate 135 130 -5 Tighter 5.00
Construction & Building 207 185 -22 Tighter 5.00
Media: Advertising, Printing & Publishing 293 279 -14 Tighter 1.00

Stay up-to-date with monthly summaries.

Stay up-to-date on the latest from Solve

Read the latest from our team

  • Municipals

    Municipal Bond Market Summary – Week Ending 12/6/24

    Our weekly newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.

  • Corporates

    Investment Grade Corporate Bond Market Summary – Week Ending 12/6/24

    Our weekly newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.