Credit Default Swaps

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High Yield CDS Market Summary:
November 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 11/1/23 – 11/30/23

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 TGNA 5Y TEGNA INC -42.7% -154 208 362 3
2 SIG 5Y REYNOLDS GROUP HOLDINGS LIMITED -39.3% -106 164 270 3
3 RAYAC 5Y REXEL -37.7% -88 145 233 6
4 EQM 5Y EQT MIDSTREAM PARTNERS L P -37.2% -67 112 179 3
5 SAIBV 5Y SAIPEM FINANCE INTERNATIONAL BV -36.6% -141 244 385 4
6 BYD 5Y BOYD GAMING CORP -34.2% -71 136 207 4
7 OLN 5Y OLIN CORP -34.1% -74 142 216 3
8 LPX 5Y LP PINEWOOD SPV LLC -33.7% -51 100 151 3
9 RCL 5Y ROYAL CARIBBEAN CRUISES LTD -33.5% -125 249 374 4
10 ASH 5Y ASHLAND GLOBAL HOLDINGS -33.4% -51 102 153 3

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 11/1/23 – 11/30/23

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPREAD SPREAD-1 MONTH DEALERS
1 UNILAB 5Y UNILABS HOLDINGS SA 37.1% 30 110 80 2
2 OXY 5Y OCCIDENTAL PETE CORP 12.9% 12 108 96 6
3 NIDHEA 5Y STADA ARZNEIMITTEL AG 9.9% 16 174 158 2
4 EGBLFN 5Y EG GLOBAL FINANCE PLC 9.4% 55 639 584 3
5 HPLGR 5Y HAPAG-LLOYD A G 8.2% 23 308 285 4
6 SCFER 5Y SCHAEFFLER FINANCE BV 5.9% 9 152 144 3
7 PPFTEL 5Y PPF TELECOM GROUP BV 4.8% 5 109 104 2
8 TOKELP 5Y TOKYO ELECTRIC POWER CO HOLDINGS INC 1.2% 1 62 61 3
9 CMACG 5Y CMA CGM S A 0.9% 2 239 237 4
10 ARM 5Y ARVIN CAP I 0.5% 0 33 33 2

Normalized HY Spread by Region

Displays the HY CDS spread by region between 11/1/23 – 11/30/23

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 10/31/23 vs. the month ending 11/30/23

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 232 191 -41 Tighter 179
U.S. 222 186 -36 Tighter 87
Japan 288 202 -87 Tighter 5
Europe 232 189 -43 Tighter 48
China 121 88 -33 Tighter 1
Latin America 279 241 -38 Tighter 4

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 11/1/23 – 11/30/23

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 10/31/23 vs. the month ending 11/30/23

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industry 232 191 -41 Tighter 179.00
Media: Advertising, Printing & Publishing 443 373 -70 Tighter 1.00
High Tech Industries 240 174 -66 Tighter 4.00
Hotel, Gaming & Leisure 241 187 -54 Tighter 9.00
Capital Equipment 308 266 -42 Tighter 6.00
Beverage, Food & Tobacco 260 197 -63 Tighter 5.00

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