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High Yield CDS Market Summary: December 2025

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 12/1/25 – 12/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	ASH 5Y	ASHLAND GLOBAL HOLDINGS	-18.6%	-21	92	113	3
2	MBIA_AA 5Y	MBIA INC	-17.3%	-31	149	180	3
3	CECGR 5Y	CECONOMY AG	-17.1%	-19	94	114	3
4	MGM 5Y	MGM RESORTS INTERNATIONAL	-11.7%	-22	168	191	3
5	IPGIM 5Y	SALINI IMPREGILO	-11.1%	-19	149	168	3
6	PBI 5Y	CIBA GEIGY CORP	-10.6%	-22	188	210	3
7	GVCLN 5Y	GVC CORP	-9.9%	-16	150	167	3
8	DAL 5Y	DELTA AIR LINES INC	-9.6%	-10	94	104	4
9	MUR 5Y	MURPHY OIL CORP	-9.4%	-17	167	184	3
10	SCFER HOLDCO 5Y	SCHAEFFLER FINANCE BV	-9.1%	-15	148	163	3

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 12/1/25 – 12/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	LW 5Y	LAMB WESTON	22.9%	23	122	99	3
2	SEE 5Y	SEALED AIR CORP NEW	12.9%	32	278	246	4
3	SCFER 5Y	SCHAEFFLER FINANCE BV	12.1%	14	131	117	3
4	KBH 5Y	KB HOME	7.4%	10	147	137	4
5	ZEGLN 5Y	ZEGONA FINANCE	6.5%	7	115	108	3
6	PICSUR 5Y	PICARD SURGELES SA	4.7%	5	119	114	3
7	HOV 5Y	HOVNANIAN K ENTERPRISES INC	3.5%	11	317	307	3
8	HPLGR 5Y	HAPAG-LLOYD A G	2.7%	5	187	182	3
9	SAIBV 5Y	SAIPEM FINANCE INTERNATIONAL BV	2.7%	3	114	111	3
10	BBWI 5Y	BATH & BODY WORKS	2.4%	5	210	205	3

Normalized HY Spread by Region

Displays the HY CDS spread by region between 12/1/25 – 12/31/25 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 11/30/24 vs. the month ending 12/31/25

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	134	131	-3	Tighter	0
U.S.	129	122	-7	Tighter	0
Japan	66	64	-2	Tighter	0
Europe	151	145	-6	Tighter	0
U.K.	99	102	4	Wider	0
APAC	250	238	-12	Tighter	0

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 12/1/25 – 12/31/25 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 11/30/24 vs. the month ending 12/31/25

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	134	131	-3	Tighter	190.00
Transportation: Cargo	182	187	5	Wider	3.00
Beverage, Food & Tobacco	152	152	0	Unchanged	7.00
Services: Business	205	188	-17	Tighter	3.00
Services: Consumer	148	141	-7	Tighter	4.00
Banking	55	53	-3	Tighter	1.00

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