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High Yield CDS Market Summary: July 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 7/1/26 – 7/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	BZH 5Y	BEAZER HOMES USA INC	-29.9%	-68	160	228	5
2	WFRD 5Y	WEATHERFORD INTERNATIONAL	-19.2%	-26	110	136	2
3	SM 5Y	SM ENERGY CO	-18.4%	-34	151	185	3
4	THC 5Y	TENET HEALTHCARE CORP	-18.3%	-21	92	113	5
5	MUR 5Y	MURPHY OIL CORP	-14.1%	-23	140	163	3
6	CLF 5Y	CLIFFS NAT RES INC	-13.4%	-37	239	276	4
7	SEE 5Y	SEALED AIR CORP NEW	-12.0%	-26	192	219	4
8	CVNA 5Y	CARVANNA	-11.1%	-28	228	256	2
9	HILCRP 5Y	HILCORP ENERGY I L P / HILCORP	-10.5%	-20	170	190	2
10	SAZKAG 5Y	ALLWYN INTERNATIONAL	-9.1%	-19	187	206	3

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 7/1/26 – 7/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	AMKR 5Y	AMKOR TECHNOLOGY INC	38.5%	38	136	98	3
2	OI 5Y	OI EUROPEAN GROUP BV	37.9%	104	377	273	3
3	SWY 5Y	SAFEWAY INC	35.0%	41	158	117	4
4	RGCARE 5Y	REGIONALCARE HOSPITAL PARTNERS HOLDINGS INC	32.4%	122	499	377	2
5	ABS 5Y	NEW ALBERTSONS INC	29.1%	36	159	124	4
6	SOFTBK 5Y	SOFTBANK GROUP CORP	24.4%	72	366	294	6
7	CABBCO 5Y	MONITCHEM HOLDCO 3	19.6%	89	543	454	3
8	CCOH 5Y	CCO HOLDINGS LLC	18.5%	56	360	304	5
9	AAL 5Y	AMERICAN AIRLINES GROUP INC.	18.4%	66	424	358	4
10	NWL 5Y	NEWELL RUBBERMAID INC MEDIUM	17.4%	52	349	297	5

Normalized HY Spread by Region

Displays the HY CDS spread by region between 7/1/26 – 7/31/26 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 6/30/26 vs. the month ending 7/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	133	136	3	Wider	259
U.S.	115	127	13	Wider	129
U.K.	150	150	0	Unchanged	23
Canada	73	60	-14	Tighter	4
China	0	0	0	Unchanged	0
APAC	350	340	-10	Tighter	3

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 7/1/26 – 7/31/26 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 6/30/26 vs. the month ending 7/31/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	133	136	3	Wider	259.00
Banking	77	69	-9	Tighter	4.00
Healthcare & Pharmaceuticals	113	105	-7	Tighter	14.00
Transportation: Consumer	107	114	7	Wider	7.00
Transportation: Cargo	161	159	-2	Tighter	3.00
Beverage, Food & Tobacco	151	148	-4	Tighter	8.00

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