High Yield CDS Market Summary – May 2023
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High Yield CDS Market Summary:May 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 5/1/23 – 5/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RCL 5Y | ROYAL CARIBBEAN CRUISES LTD | -25.3% | -141 | 416 | 557 | 6 |
| 2 | TOKELP 5Y | TOKYO ELECTRIC POWER CO HOLDINGS INC | -25.2% | -22 | 65 | 87 | 3 |
| 3 | GT 5Y | GOODYEAR TIRE & RUBBER CO | -24.0% | -103 | 325 | 428 | 4 |
| 4 | ELTLX 5Y | ELECTROLUX AB | -21.6% | -29 | 105 | 134 | 7 |
| 5 | TVOYFH 5Y | TVO | -20.6% | -20 | 76 | 96 | 3 |
| 6 | GRFSM 5Y | GRIFOLS WORLDWIDE OPERATIONS USA INC | -20.4% | -135 | 526 | 661 | 3 |
| 7 | SOFTBK 5Y | SOFTBANK GROUP CORP | -19.8% | -63 | 253 | 315 | 3 |
| 8 | AMKR 5Y | AMKOR TECHNOLOGY INC | -17.2% | -32 | 155 | 188 | 5 |
| 9 | TARGA 5Y | TARGA RES PARTNERS LP / TARGA | -15.3% | -18 | 101 | 120 | 3 |
| 10 | CITOH 5Y | LE SPORTSAC INC | -15.2% | -4 | 21 | 25 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 5/1/23 – 5/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | IRM 5Y | IRON MOUNTAIN INCORPORATED | 20.5% | 32 | 188 | 156 | 3 |
| 2 | SEE 5Y | SEALED AIR CORP NEW | 16.6% | 24 | 166 | 142 | 3 |
| 3 | TCKCN 5Y | TECK RESOURCES LIMITED | 16.1% | 22 | 161 | 138 | 3 |
| 4 | NFLX 5Y | NETFLIX INC | 15.9% | 11 | 82 | 71 | 7 |
| 5 | MGM 5Y | MGM RESORTS INTERNATIONAL | 15.5% | 34 | 257 | 223 | 4 |
| 6 | NAVI 5Y | SLM CORP MEDIUM TERM NTS BOOK | 14.6% | 61 | 479 | 418 | 4 |
| 7 | UPC 5Y | UPC HOLDING BV | 13.8% | 50 | 414 | 364 | 6 |
| 8 | RRD 5Y | DONNELLEY R R & SONS CO | 13.0% | 38 | 333 | 295 | 3 |
| 9 | MBIA_AA 5Y | MBIA INC | 12.0% | 43 | 399 | 356 | 3 |
| 10 | BOMB 5Y | BOMBARDIER CAP TR | 11.9% | 43 | 402 | 359 | 4 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 5/1/23 – 5/31/23 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 4/30/23 vs. the month ending 5/31/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 166 | 160 | -6 | Tighter | 250 |
| U.S. | 147 | 155 | 8 | Wider | 139 |
| Japan | 201 | 165 | -36 | Tighter | 4 |
| U.K. | 101 | 93 | -8 | Tighter | 15 |
| APAC | 124 | 118 | -6 | Tighter | 5 |
| Latin America | 280 | 245 | -35 | Tighter | 8 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 5/1/23 – 5/31/23 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 4/30/23 vs. the month ending 5/31/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 166 | 160 | -6 | Tighter | 250.00 |
| Capital Equipment | 361 | 307 | -54 | Tighter | 7.00 |
| Construction & Building | 101 | 103 | 1 | Wider | 7.00 |
| Insurance | 98 | 90 | -8 | Tighter | 7.00 |
| Retail | 132 | 115 | -16 | Tighter | 10.00 |
| Healthcare & Pharmaceuticals | 130 | 136 | 6 | Wider | 8.00 |
Stay up-to-date with monthly summaries.
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