High Yield CDS Market Summary – April 2026
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High Yield CDS Market Summary: April 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 4/1/26 – 4/30/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UIS 5Y | UNISYS CORP | -98.5% | -979 | 15 | 994 | 3 |
| 2 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | -60.8% | -146 | 94 | 239 | 4 |
| 3 | PICSUR 5Y | PICARD SURGELES SA | -54.9% | -157 | 129 | 285 | 3 |
| 4 | UPC 5Y | UPC HOLDING BV | -53.6% | -88 | 76 | 163 | 2 |
| 5 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | -36.9% | -115 | 196 | 311 | 3 |
| 6 | PBI 5Y | CIBA GEIGY CORP | -34.6% | -98 | 185 | 283 | 3 |
| 7 | SAIBV 5Y | SAIPEM FINANCE INTERNATIONAL BV | -34.4% | -58 | 112 | 170 | 4 |
| 8 | BELRON 5Y | BELRON INTERNATIONAL | -28.1% | -50 | 128 | 178 | 3 |
| 9 | JWN 5Y | NORDSTROM INC | -27.0% | -62 | 168 | 230 | 4 |
| 10 | CSTM 5Y | CONSTELLIUM NV | -26.8% | -64 | 175 | 239 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 4/1/26 – 4/30/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CECGR 5Y | CECONOMY AG | 31.3% | 39 | 165 | 126 | 3 |
| 2 | AIR 5Y | AAR CORP | 10.9% | 10 | 106 | 96 | 3 |
| 3 | CCOH 5Y | CCO HOLDINGS LLC | 9.0% | 25 | 302 | 277 | 4 |
| 4 | NCLH 5Y | NCL CORP LTD | 7.7% | 16 | 223 | 207 | 3 |
| 5 | QPARKH 5Y | Q-PARK HOLDING BV | 7.0% | 12 | 185 | 173 | 3 |
| 6 | SIRI 5Y | SCS HOLDINGS INC | 6.3% | 11 | 194 | 183 | 3 |
| 7 | CHEPDE 5Y | CHEPLAPHARM ARZNEIMITTEL GMBH | 3.6% | 16 | 448 | 433 | 4 |
| 8 | ILDFP 5Y | ILIAD SA | 3.6% | 8 | 226 | 218 | 3 |
| 9 | CIVI 5Y | BONANZA CREEK ENERGY INC | 2.8% | 5 | 167 | 162 | 2 |
| 10 | BOPRLN 5Y | BOPARAN FINANCE PLC | 2.7% | 6 | 216 | 211 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 4/1/26 – 4/30/26 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 3/31/26 vs. the month ending 4/30/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 163 | 140 | -23 | Tighter | 238 |
| U.S. | 153 | 122 | -31 | Tighter | 121 |
| U.K. | 132 | 165 | 33 | Wider | 23 |
| Canada | 82 | 66 | -16 | Tighter | 3 |
| China | 0 | 0 | 0 | Unchanged | 0 |
| APAC | 125 | 275 | 150 | Wider | 2 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 4/1/26 – 4/30/26 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 3/31/26 vs. the month ending 4/30/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 163 | 140 | -23 | Tighter | 238.00 |
| Construction & Building | 317 | 215 | -102 | Tighter | 6.00 |
| Chemicals, Plastics & Rubber | 131 | 110 | -21 | Tighter | 10.00 |
| Real Estate | 239 | 197 | -42 | Tighter | 7.00 |
| Insurance | 114 | 91 | -23 | Tighter | 2.00 |
Stay up-to-date with monthly summaries.
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