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High Yield CDS Market Summary: October 2026

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 10/1/26 – 10/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	CECGR 5Y	CECONOMY AG	-25.4%	-33	97	130	3
2	MOH 5Y	MOLINA HEALTHCARE INC	-24.6%	-36	110	146	4
3	SM 5Y	SM ENERGY CO	-21.8%	-27	95	122	3
4	TLN 5Y	TALEN ENERGY SUPPLY LLC	-19.1%	-33	139	172	3
5	CVNA 5Y	CARVANNA	-18.2%	-44	195	239	2
6	BLDR 5Y	BUILDERS FIRSTSOURCE INC	-16.7%	-26	131	157	3
7	SIRI 5Y	SCS HOLDINGS INC	-16.5%	-30	152	182	3
8	CLF 5Y	CLIFFS NAT RES INC	-16.2%	-41	214	255	3
9	ALIANT 5Y	ALLIANT HLDGS I INC	-16.1%	-39	206	245	2
10	CMACG 5Y	CMA CGM S A	-14.5%	-33	196	229	3

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 10/1/26 – 10/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	FIBCOP 5Y	FIBERCOP SPA	45.8%	85	271	186	5
2	CSAL 5Y	COMMUNICATIONS SALES & LEASING INC	42.7%	37	124	87	3
3	AGKLN 5Y	ALBION ACQUISITIONS LTD	37.7%	76	277	201	2
4	ADRBID 5Y	UNITED GROUP BV	30.9%	105	444	339	3
5	VOVCAB 5Y	VOLVO	30.3%	67	288	221	3
6	PFSI 5Y	PENNYMAC FINANCIAL SERVICES, INC.	30.1%	85	368	283	3
7	SUNN 5Y	SUNRISE FINANCING	25.5%	58	285	227	2
8	PICSUR 5Y	PICARD SURGELES SA	22.6%	44	241	197	3
9	CHEPDE 5Y	CHEPLAPHARM ARZNEIMITTEL GMBH	20.0%	62	374	311	3
10	AFKLM 5Y	AIR FRANCE-KLM	18.7%	32	204	172	4

Normalized HY Spread by Region

Displays the HY CDS spread by region between 10/1/26 – 10/31/26 Results are based on 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 9/30/26 vs. the month ending 10/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	149	145	-4	Tighter	264
U.S.	135	124	-11	Tighter	133
Japan	73	90	17	Wider	5
Europe	158	164	6	Wider	71
U.K.	154	128	-27	Tighter	22
APAC	372	400	28	Wider	3

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 10/1/26 – 10/31/26 Results are based on 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 9/30/26 vs. the month ending 10/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	54	57	2	Wider	718
U.S.	53	54	1	Wider	294
Japan	38	47	9	Wider	45
Europe	54	57	2	Wider	187
U.K.	55	57	2	Wider	43
APAC	60	64	4	Wider	55

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