High Yield CDS Market Summary – August 2026
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High Yield CDS Market Summary: August 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 8/1/26 – 8/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | -20.3% | -31 | 120 | 150 | 2 |
| 2 | NWL 5Y | NEWELL RUBBERMAID INC MEDIUM | -20.1% | -61 | 242 | 303 | 5 |
| 3 | ROSINI 5Y | ROSSINI SARL | -19.2% | -23 | 96 | 119 | 3 |
| 4 | METSA 5Y | METSA BOARD OYJ | -17.0% | -25 | 120 | 144 | 6 |
| 5 | SM 5Y | SM ENERGY CO | -16.4% | -25 | 125 | 150 | 3 |
| 6 | AVNT 5Y | AVIENT CORP | -15.8% | -15 | 82 | 97 | 3 |
| 7 | FD 5Y | FEDERATED DEPT STORES INC | -14.5% | -24 | 141 | 164 | 3 |
| 8 | CMACG 5Y | CMA CGM S A | -14.4% | -32 | 188 | 219 | 3 |
| 9 | GAP 5Y | GAP INC (THE) | -14.3% | -21 | 124 | 145 | 3 |
| 10 | ALIANT 5Y | ALLIANT HLDGS I INC | -14.0% | -32 | 198 | 231 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 8/1/26 – 8/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | INEGRP 5Y | INEOS FIN PLC | 150.8% | 304 | 506 | 202 | 3 |
| 2 | MLTIVR 5Y | MULTIVERSITY | 40.1% | 136 | 475 | 339 | 2 |
| 3 | ASH 5Y | ASHLAND GLOBAL HOLDINGS | 22.6% | 19 | 105 | 85 | 3 |
| 4 | NCLH 5Y | NCL CORP LTD | 9.6% | 20 | 230 | 209 | 3 |
| 5 | XRX 5Y | XEROX BUSINESS SERVICES LLC | 9.4% | 6 | 70 | 64 | 3 |
| 6 | BMCAUS 5Y | BUILDING MATLS CORP AMER | 9.4% | 7 | 80 | 74 | 2 |
| 7 | MERLLN 5Y | MERLIN ENTERTAINMENTS PL | 8.9% | 21 | 260 | 239 | 3 |
| 8 | CCO 5Y | CLEAR CHANNEL INTL BV | 6.6% | 4 | 65 | 61 | 3 |
| 9 | STGATE 5Y | STONEGATE PUB CO FINANCING PLC | 4.6% | 7 | 167 | 159 | 3 |
| 10 | COMM 5Y | COMMSCOPE INC | 4.1% | 1 | 29 | 28 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 8/1/26 – 8/31/26 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 7/31/26 vs. the month ending 8/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 136 | 126 | -11 | Tighter | 258 |
| U.S. | 127 | 115 | -12 | Tighter | 129 |
| Japan | 73 | 67 | -6 | Tighter | 5 |
| Europe | 141 | 137 | -4 | Tighter | 69 |
| U.K. | 150 | 147 | -3 | Tighter | 23 |
| APAC | 340 | 320 | -20 | Tighter | 3 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 8/1/26 – 8/31/26 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 7/31/26 vs. the month ending 8/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 136 | 126 | -11 | Tighter | 258.00 |
| Beverage, Food & Tobacco | 148 | 143 | -5 | Tighter | 8.00 |
| Capital Equipment | 90 | 88 | -3 | Tighter | 5.00 |
| Energy: Electricity | 116 | 114 | -2 | Tighter | 1.00 |
| Services: Business | 158 | 141 | -16 | Tighter | 4.00 |
| Real Estate | 145 | 162 | 17 | Wider | 8.00 |
Stay up-to-date with monthly summaries.
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