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High Yield CDS Market Summary: January 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 1/1/26 – 1/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	RLGY 5Y	REALOGY GROUP LLC	-21.4%	-52	190	242	2
2	AVNT 5Y	AVIENT CORP	-19.9%	-26	105	131	3
3	EGBLFN 5Y	EG GLOBAL FINANCE PLC	-14.0%	-32	197	230	4
4	UAL 5Y	UNITED CONTINENTAL HOLDINGS INC	-13.9%	-22	136	158	4
5	PICSUR 5Y	PICARD SURGELES SA	-12.7%	-15	104	119	3
6	SCFER 5Y	SCHAEFFLER FINANCE BV	-11.8%	-16	116	131	3
7	GNW 5Y	AQGEN LIBERTY MGMT I INC	-10.7%	-12	98	109	3
8	THYELE HOLDCO 5Y	VERTICAL MIDCO GMBH	-10.5%	-16	139	155	3
9	CLAR 5Y	CLARIANT AG	-10.3%	-12	106	118	5
10	FRFP 5Y	VALEO SA	-10.0%	-19	171	190	5

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 1/1/26 – 1/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	CITRIX 5Y	TIBCO SOFTWARE INC	37.7%	77	280	204	3
2	NAVI 5Y	SLM CORP MEDIUM TERM NTS BOOK	31.4%	87	364	277	3
3	CVNA 5Y	CARVANNA	24.1%	52	266	214	4
4	SEE 5Y	SEALED AIR CORP NEW	20.4%	57	335	278	4
5	VMED 5Y	NTL CABLE PLC	10.8%	42	436	394	4
6	MGM 5Y	MGM RESORTS INTERNATIONAL	8.0%	13	182	168	3
7	DAVITA 5Y	DAVITA HEALTHCARE PARTNERS INC	7.7%	9	131	122	4
8	MBIA_AA 5Y	MBIA INC	7.0%	10	159	149	3
9	CAR 5Y	AVIS BUDGET CAR RENTAL LLC	6.9%	22	349	327	3
10	RAYAC 5Y	REXEL	6.3%	6	107	101	4

Normalized HY Spread by Region

Displays the HY CDS spread by region between 1/1/26 – 1/31/26 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 12/31/25 vs. the month ending 1/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	131	131	0	Tighter	192
U.S.	122	120	-2	Tighter	99
Japan	64	68	4	Wider	5
Europe	145	142	-3	Tighter	51
U.K.	102	107	5	Wider	17
Canada	74	70	-4	Tighter	2

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 1/1/26 – 1/31/26 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 12/31/25 vs. the month ending 1/31/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	131	131	0	Tighter	192.00
Beverage, Food & Tobacco	152	153	1	Wider	7.00
Capital Equipment	99	97	-2	Tighter	6.00
Utilities: Electric	100	96	-4	Tighter	5.00
Insurance	80	85	5	Wider	2.00
Transportation: Cargo	187	178	-9	Tighter	3.00

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