High Yield CDS Market Summary – April 2022
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High Yield CDS Market Summary: April 2022
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 4/1/22 -4/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | -13.9% | -45 | 279 | 324 |
| 2 | LW 5Y | LAMB WESTON | -11.9% | -25 | 184 | 208 |
| 3 | DAL 5Y | DELTA AIR LINES INC | -11.1% | -38 | 302 | 340 |
| 4 | STENA 5Y | STENA AB | -5.0% | -27 | 514 | 541 |
| 5 | LB 5Y | LIMITED BRANDS | -4.7% | -14 | 277 | 291 |
| 6 | OI 5Y | OI EUROPEAN GROUP BV | -4.5% | -20 | 417 | 437 |
| 7 | STGATE 5Y | STONEGATE PUB CO FINANCING PLC | -3.0% | -13 | 418 | 431 |
| 8 | AVP 5Y | AVON PRODS INC | -2.0% | -8 | 389 | 397 |
| 9 | GRFSM 5Y | GRIFOLS WORLDWIDE OPERATIONS USA INC | -0.2% | -1 | 411 | 412 |
| 10 | FTR 5Y | FRONTIER COMMUNICATIONS CORP | -0.2% | -1 | 465 | 466 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 4/1/22 -4/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | MTG 5Y | MGIC INVT CORP | 54.0% | 96 | 274 | 178 |
| 2 | NFLX 5Y | NETFLIX INC | 48.3% | 54 | 167 | 113 |
| 3 | RLGY 5Y | REALOGY GROUP LLC | 48.3% | 200 | 615 | 415 |
| 4 | UPC 5Y | UPC HOLDING BV | 46.5% | 101 | 318 | 217 |
| 5 | HCA 5Y | HCA INC | 44.4% | 54 | 177 | 122 |
| 6 | AMKR 5Y | AMKOR TECHNOLOGY INC | 42.4% | 94 | 315 | 221 |
| 7 | FCX 5Y | FREEPORT-MCMORAN COPPER & GOLD | 39.1% | 40 | 141 | 102 |
| 8 | UIS 5Y | UNISYS CORP | 38.9% | 111 | 396 | 285 |
| 9 | TSLA 5Y | TESLA INC | 37.8% | 47 | 170 | 124 |
| 10 | XRX 5Y | XEROX BUSINESS SERVICES LLC | 36.5% | 126 | 471 | 345 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 4/1/22 -4/30/22 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 3/31/22 vs. the month ending 4/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 165 | 200 | 35 | Wider | 303 |
| U.S. | 169 | 201 | 32 | Wider | 154 |
| Europe | 169 | 221 | 52 | Wider | 78 |
| U.K. | 139 | 185 | 46 | Wider | 21 |
| China | 122 | 140 | 18 | Wider | 3 |
| Latin America | 210 | 232 | 21 | Wider | 9 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 4/1/22 -4/30/22 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 3/31/22 vs. the month ending 4/30/22
| INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 165 | 200 | 35 | Wider | 303 |
| Beverage, Food & Tobacco | 135 | 146 | 11 | Wider | 10 |
| Chemicals, Plastics & Rubber | 232 | 240 | 8 | Wider | 9 |
| Media: Advertising, Printing & Publishing | 137 | 161 | 24 | Wider | 2 |
| Real Estate | 284 | 300 | 16 | Wider | 8 |
| Transportation: Consumer | 446 | 460 | 14 | Wider | 2 |
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