Credit Default Swaps
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High Yield CDS Market Summary: March 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 3/1/25 – 3/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | NCX 5Y | NOVA CHEMS LTD | -16.6% | -18 | 88 | 106 | 3 |
| 2 | BCPPL 5Y | BANCO COMERCIAL PORTUGUES SA | -9.1% | -10 | 100 | 110 | 1 |
| 3 | BAMIIM 5Y | BANCO POPOLARE SC | -8.3% | -5 | 55 | 60 | 1 |
| 4 | ATCNA 5Y | ALTICE LUXEMBOURG SA | -7.7% | -6 | 66 | 72 | 1 |
| 5 | SAPSJ 5Y | PE PAPER ESCROW GMBH | -5.6% | -10 | 170 | 180 | 1 |
| 6 | NVFVES 5Y | NOVAFIVES SAS | -5.5% | -6 | 100 | 106 | 3 |
| 7 | CEMEX 5Y | CEMEX SAB DE CV | -4.4% | -8 | 172 | 180 | 1 |
| 8 | BRADES 5Y | BANCO BRADESCO S A GRAND | -2.3% | -6 | 253 | 259 | 2 |
| 9 | SINOPE 5Y | SONANGOL EP | -1.6% | -1 | 57 | 57 | 4 |
| 10 | MONTE 5Y | BANCA ANTONVENETA SPA/OLD | -1.1% | -1 | 70 | 71 | 1 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 3/1/25 – 3/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
| 1 | UAL 5Y | UNITED CONTINENTAL HOLDINGS INC | 81.1% | 127 | 283 | 156 | 3 |
| 2 | CZR 5Y | CAESARS ENTERTAINMENT OP | 69.5% | 119 | 289 | 171 | 3 |
| 3 | TECHEM 5Y | TECHEM GMBH | 65.5% | 82 | 207 | 125 | 2 |
| 4 | BYD 5Y | BOYD GAMING CORP | 57.2% | 63 | 173 | 110 | 3 |
| 5 | CCLLN 5Y | CARNIVAL PLC | 52.0% | 72 | 210 | 138 | 4 |
| 6 | AGFC 5Y | AGFC CAP TR I | 49.8% | 84 | 251 | 168 | 3 |
| 7 | CLF 5Y | CLIFFS NAT RES INC | 48.9% | 127 | 387 | 260 | 3 |
| 8 | HPLGR 5Y | HAPAG-LLOYD A G | 45.8% | 68 | 215 | 148 | 3 |
| 9 | BZH 5Y | BEAZER HOMES USA INC | 45.5% | 135 | 432 | 297 | 3 |
| 10 | SEE 5Y | SEALED AIR CORP NEW | 44.4% | 47.3 | 154 | 106 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 3/1/25 – 3/31/25
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 2/28/24 vs. the month ending 3/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 133 | 165 | 32 | Wider | 183 |
| U.S. | 130 | 166 | 36 | Wider | 96 |
| U.K. | 99 | 133 | 34 | Wider | 16 |
| Canada | 90 | 82 | -9 | Tighter | 2 |
| China | 74 | 100 | 26 | Wider | 1 |
| APAC | 96 | 108 | 12 | Wider | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 3/1/25 – 3/31/25
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 2/28/24 vs. the month ending 3/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 133 | 165 | 32 | Wider | 183.00 |
| Aerospace & Defense | 48 | 55 | 7 | Wider | 1.00 |
| Capital Equipment | 185 | 190 | 5 | Wider | 4.00 |
| Healthcare & Pharmaceuticals | 116 | 166 | 51 | Wider | 5.00 |
| Insurance | 201 | 245 | 44 | Wider | 2.00 |
| Real Estate | 216 | 268 | 52 | Wider | 7.00 |
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