High Yield CDS Market Summary – February 2026
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High Yield CDS Market Summary: February 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 2/1/26 – 2/28/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PFDLN 5Y | PREMIER FOODS FINANCE PLC | -15.2% | -33 | 183 | 216 | 4 |
| 2 | NMAC 5Y | NISSAN MTR ACCEP CORP | -14.6% | -42 | 247 | 289 | 6 |
| 3 | CLAR 5Y | CLARIANT AG | -13.8% | -15 | 92 | 106 | 3 |
| 4 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | -12.6% | -30 | 210 | 240 | 3 |
| 5 | STENA 5Y | STENA AB | -11.7% | -29 | 217 | 246 | 3 |
| 6 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | -8.8% | -12 | 121 | 132 | 3 |
| 7 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | -8.3% | -16 | 180 | 196 | 3 |
| 8 | SAIBV 5Y | SAIPEM FINANCE INTERNATIONAL BV | -5.4% | -6 | 105 | 111 | 5 |
| 9 | THYELE HOLDCO 5Y | VERTICAL MIDCO GMBH | -4.9% | -7 | 132 | 139 | 3 |
| 10 | SAZKAG 5Y | ALLWYN INTERNATIONAL | -4.1% | -9 | 216 | 225 | 4 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 2/1/26 – 2/28/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CITRIX 5Y | TIBCO SOFTWARE INC | 59.2% | 158 | 426 | 268 | 3 |
| 2 | PBI 5Y | CIBA GEIGY CORP | 37.1% | 73 | 269 | 196 | 3 |
| 3 | NAVI 5Y | SLM CORP MEDIUM TERM NTS BOOK | 36.1% | 129 | 487 | 358 | 3 |
| 4 | CLF 5Y | CLIFFS NAT RES INC | 30.7% | 64 | 271 | 207 | 3 |
| 5 | PFSI 5Y | PENNYMAC FINANCIAL SERVICES, INC. | 24.9% | 33 | 164 | 132 | 3 |
| 6 | MBIA_AA 5Y | MBIA INC | 23.0% | 37 | 196 | 159 | 3 |
| 7 | CAR 5Y | AVIS BUDGET CAR RENTAL LLC | 20.1% | 70 | 419 | 348 | 4 |
| 8 | AXL 5Y | AMERICAN AXLE & MFG HLDGS INC | 18.5% | 47 | 303 | 255 | 4 |
| 9 | AGFC 5Y | AGFC CAP TR I | 18.5% | 35 | 225 | 190 | 3 |
| 10 | RLGY 5Y | REALOGY GROUP LLC | 17.1% | 30 | 205 | 175 | 2 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 2/1/26 – 2/28/26 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 1/31/26 vs. the month ending 2/28/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 130 | 142 | 12 | Wider | 207 |
| U.S. | 105 | 121 | 15 | Wider | 105 |
| U.K. | 107 | 129 | 22 | Wider | 18 |
| Canada | 70 | 68 | -2 | Tighter | 2 |
| China | 0 | 0 | 0 | Unchanged | 0 |
| APAC | 78 | 82 | 4 | Wider | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 2/1/26 – 2/28/26 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 1/31/26 vs. the month ending 2/28/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 130 | 142 | 12 | Wider | 207.00 |
| Real Estate | 178 | 187 | 10 | Wider | 8.00 |
| Beverage, Food & Tobacco | 153 | 160 | 7 | Wider | 7.00 |
| Energy: Electricity | 102 | 110 | 9 | Wider | 1.00 |
| High Tech Industries | 174 | 195 | 21 | Wider | 7.00 |
| Insurance | 85 | 104 | 18 | Wider | 2.00 |
Stay up-to-date with monthly summaries.
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