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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