High Yield CDS Market Summary – October 2023
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High Yield CDS Market Summary:October 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 10/1/23 – 10/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NIDHEA 5Y | STADA ARZNEIMITTEL AG | -9.3% | -16 | 158 | 175 | 2 |
| 2 | AR 5Y | ANTERO RESOURCES CORP | -8.7% | -15 | 154 | 169 | 4 |
| 3 | CHK 5Y | CHESAPEAKE ENERGY CORP | -8.4% | -15 | 161 | 175 | 3 |
| 4 | MUR 5Y | MURPHY OIL CORP | -7.9% | -13 | 155 | 168 | 4 |
| 5 | TARGA 5Y | TARGA RES PARTNERS LP / TARGA | -6.5% | -7 | 98 | 105 | 3 |
| 6 | X 5Y | TRANSTAR HLDGS INC | -6.5% | -17 | 240 | 256 | 3 |
| 7 | GNW 5Y | AQGEN LIBERTY MGMT I INC | -6.0% | -11 | 176 | 187 | 3 |
| 8 | GFKLDE 5Y | LOWELL HOLDINGS GMBH | -5.5% | -8 | 144 | 152 | 2 |
| 9 | OVV 5Y | OVINTIV | -5.0% | -6 | 113 | 119 | 6 |
| 10 | CIT 5Y | AT&T CAP CORP | -4.8% | -8 | 150 | 158 | 2 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 10/1/23 – 10/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CCK 5Y | CROWN AMERICAS LLC | 24.1% | 38 | 196 | 158 | 3 |
| 2 | BMY 5Y | BRISTOL MYERS SQUIBB CO | 21.8% | 8 | 42 | 34 | 7 |
| 3 | STANLNBK HOLDCO 5Y | STANDARD CHARTERED BK | 15.6% | 14 | 101 | 87 | 4 |
| 4 | ALTRIA 5Y | ALTRIA GROUP INC | 13.4% | 8 | 72 | 63 | 5 |
| 5 | RMK 5Y | ARAMARK CORP | 13.0% | 22 | 191 | 169 | 5 |
| 6 | IGT 5Y | INTERNATIONAL GAME TECHNOLOGY | 12.7% | 24 | 213 | 189 | 3 |
| 7 | CCOH 5Y | CCO HOLDINGS LLC | 11.7% | 32 | 304 | 272 | 4 |
| 8 | RCL 5Y | ROYAL CARIBBEAN CRUISES LTD | 11.5% | 39 | 374 | 335 | 6 |
| 9 | DANBNK 5Y | DANSKE BK A/S MEDIUM TERM NTS | 11.4% | 7 | 70 | 63 | 4 |
| 10 | MTG 5Y | MGIC INVT CORP | 10.5% | 17 | 180 | 163 | 6 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 10/1/23 – 10/31/23 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 9/30/23 vs. the month ending 10/31/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 157 | 161 | 4 | Wider | 249 |
| U.S. | 155 | 157 | 2 | Wider | 131 |
| Europe | 165 | 167 | 2 | Wider | 58 |
| Canada | 130 | 130 | 0 | Unchanged | 7 |
| China | 125 | 121 | -4 | Tighter | 3 |
| MENA | 376 | 368 | -8 | Tighter | 18 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 10/1/23 – 10/31/23 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 9/30/23 vs. the month ending 10/31/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 157 | 161 | 4 | Wider | 0 |
| Containers, Packaging, & Glass | 194 | 227 | 33 | Wider | 0 |
| Retail | 96 | 110 | 13 | Wider | 0 |
| Finance | 127 | 137 | 9 | Wider | 0 |
| Beverage, Food & Tobacco | 97 | 106 | 8 | Wider | 0 |
| Services: Consumer | 319 | 323 | 4 | Wider | 0 |
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