High Yield CDS Market Summary – July 2025
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High Yield CDS Market Summary: July 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 7/1/25 – 7/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CECGR 5Y | CECONOMY AG | -40.7% | -110 | 160 | 270 | 4 |
| 2 | ZEGLN 5Y | ZEGONA FINANCE | -29.0% | -60 | 148 | 208 | 3 |
| 3 | TKAGR 5Y | VERTICAL MIDCO GMBH | -25.4% | -32 | 94 | 125 | 4 |
| 4 | SOFTBK 5Y | SOFTBANK GROUP CORP | -20.1% | -58 | 232 | 290 | 5 |
| 5 | CVNA 5Y | CARVANNA | -19.7% | -46 | 186 | 232 | 2 |
| 6 | BAB 5Y | BRITISH AIRWAYS | -16.6% | -17 | 88 | 105 | 3 |
| 7 | RAKUTN 5Y | RAKUTEN INC | -16.4% | -45 | 230 | 276 | 3 |
| 8 | BAIDU 5Y | BAIDU INC | -16.2% | -16 | 83 | 99 | 2 |
| 9 | DAL 5Y | DELTA AIR LINES INC | -15.8% | -20 | 105 | 124 | 3 |
| 10 | TGNA 5Y | TEGNA INC | -13.7% | -33 | 205 | 238 | 4 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 7/1/25 – 7/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CCOH 5Y | CCO HOLDINGS LLC | 34.0% | 44 | 172 | 128 | 4 |
| 2 | THC 5Y | TENET HEALTHCARE CORP | 27.4% | 28 | 128 | 101 | 3 |
| 3 | AVNT 5Y | AVIENT CORP | 25.6% | 24 | 119 | 95 | 3 |
| 4 | PORSCH 5Y | PORSCHE AUTOMOBIL HOLDING SE | 18.2% | 20 | 130 | 110 | 2 |
| 5 | GPS 5Y | GAP INC | 14.3% | 19 | 154 | 135 | 3 |
| 6 | OLN 5Y | OLIN CORP | 9.6% | 18 | 205 | 187 | 3 |
| 7 | NAVI 5Y | SLM CORP MEDIUM TERM NTS BOOK | 7.4% | 17 | 243 | 227 | 4 |
| 8 | CLAR 5Y | CLARIANT AG | 5.0% | 6 | 118 | 112 | 5 |
| 9 | AGFC 5Y | AGFC CAP TR I | 4.9% | 8 | 176 | 167 | 4 |
| 10 | AES 5Y | AES TRUST I | 4.4% | 5 | 120 | 115 | 4 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 7/1/25 – 7/31/25 Results are based on 5 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 6/30/24 vs. the month ending 7/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 129 | 135 | 6 | Wider | 184 |
| U.S. | 125 | 120 | -5 | Tighter | 99 |
| Japan | 72 | 61 | -10 | Tighter | 5 |
| Europe | 166 | 163 | -3 | Tighter | 51 |
| Canada | 72 | 70 | -2 | Tighter | 2 |
| APAC | 95 | 85 | -10 | Tighter | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 7/1/25 – 7/31/25 Results are based on 5 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 6/30/24 vs. the month ending 7/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 129 | 135 | 6 | Wider | 184 |
| Beverage, Food & Tobacco | 233 | 218 | -16 | Tighter | 7 |
| Transportation: Consumer | 124 | 108 | -16 | Tighter | 5 |
| Containers, Packaging, & Glass | 92 | 93 | 1 | Wider | 6 |
| Transportation: Cargo | 161 | 156 | -5 | Tighter | 3 |
| Insurance | 107 | 103 | -4 | Tighter | 2 |
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