High Yield CDS Market Summary – June 2022
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High Yield CDS Market Summary:June 2022
Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.
Top 20 Underperformers
Showcases the top 20 HY CDS “underperformers” based on the largest mid spread increases between 6/1/22 -6/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | ALTRIA 5Y | ALTRIA GROUP INC | 77.9% | 60 | 136 | 76 |
| 2 | TOKELP 5Y | TOKYO ELECTRIC POWER CO HOLDINGS INC | 77.8% | 54 | 124 | 70 |
| 3 | SVU 5Y | SUPERVALU INC | 72.5% | 135 | 321 | 186 |
| 4 | OXY 5Y | OCCIDENTAL PETE CORP | 70.2% | 92 | 222 | 131 |
| 5 | CWCLN 5Y | CABLE & WIRELESS LTD | 65.1% | 67 | 170 | 103 |
| 6 | CWLN 5Y | CWABS ASSET-BACKED CTFS TR SER | 60.3% | 63 | 167 | 104 |
| 7 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | 59.2% | 196 | 527 | 331 |
| 8 | TOL 5Y | TOLL BROS INC | 58.5% | 122 | 330 | 208 |
| 9 | CITOH 5Y | LE SPORTSAC INC | 58.2% | 16 | 44 | 28 |
| 10 | NGGLN 5Y | BOSTON GAS CO | 57.0% | 33 | 91 | 58 |
| 11 | HCA 5Y | HCA INC | 56.4% | 87 | 242 | 155 |
| 12 | TOSH 5Y | TOSHIBA CORP | 53.0% | 122 | 351 | 230 |
| 13 | DAL 5Y | DELTA AIR LINES INC | 52.9% | 198 | 572 | 374 |
| 14 | UNILAB 5Y | UNILABS HOLDINGS SA | 52.9% | 52 | 151 | 99 |
| 15 | RAYAC 5Y | REXEL | 52.6% | 134 | 387 | 254 |
| 16 | MTNA 5Y | ARCELORMITTAL SA LUXEMBOURG | 52.5% | 107 | 310 | 203 |
| 17 | MDC 5Y | M.D.C. HOLDINGS, INC | 51.3% | 107 | 314 | 208 |
| 18 | HPLGR 5Y | HAPAG-LLOYD A G | 51.2% | 155 | 457 | 302 |
| 19 | ELTLX 5Y | ELECTROLUX AB | 49.8% | 30 | 90 | 60 |
| 20 | KBH 5Y | KB HOME | 49.7% | 152 | 459 | 306 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 6/1/22 -6/30/22 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 5/31/22 vs. the month ending 6/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 201 | 263 | 62 | Wider | 271 |
| U.S. | 204 | 254 | 50 | Wider | 136 |
| Europe | 233 | 284 | 51 | Wider | 64 |
| Canada | 124 | 139 | 15 | Wider | 6 |
| APAC | 120 | 168 | 48 | Wider | 7 |
| Latin America | 250 | 268 | 18 | Wider | 8 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 6/1/22 -6/30/22 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 5/30/22 vs. the month ending 6/30/22
| INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 201 | 263 | 62 | Wider | 271.00 |
| Aerospace & Defense | 253 | 319 | 66 | Wider | 2.00 |
| Automotive | 241 | 279 | 37 | Wider | 7.00 |
| Hotel, Gaming & Leisure | 349 | 492 | 143 | Wider | 11.00 |
| Retail | 339 | 418 | 79 | Wider | 12.00 |
| Media: Advertising, Printing & Publishing | 201 | 238 | 36 | Wider | 2.00 |
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