High Yield CDS Market Summary – June 2025
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High Yield CDS Market Summary: June 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 6/1/25 – 6/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LHMCFI 5Y | CIRSA GAMING CORPORATION | -27.2% | -79 | 212 | 291 | 4 |
| 2 | SUN 5Y | SUN INC | -26.4% | -79 | 221 | 300 | 2 |
| 3 | VISTRAENE 5Y | VISTRA ENERGY CORP | -23.0% | -23 | 77 | 100 | 2 |
| 4 | BBWI 5Y | BATH & BODY WORKS | -22.7% | -40 | 136 | 176 | 4 |
| 5 | AR 5Y | ANTERO RESOURCES CORP | -21.6% | -24 | 86 | 110 | 4 |
| 6 | MBIA_AA 5Y | MBIA INC | -21.4% | -56 | 204 | 259 | 2 |
| 7 | CCLLN 5Y | CARNIVAL PLC | -21.0% | -33 | 126 | 160 | 5 |
| 8 | RMK 5Y | ARAMARK CORP | -20.8% | -23 | 89 | 112 | 3 |
| 9 | UAL 5Y | UNITED CONTINENTAL HOLDINGS INC | -20.7% | -49 | 190 | 239 | 4 |
| 10 | BYD 5Y | BOYD GAMING CORP | -20.2% | -27 | 108 | 135 | 2 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 6/1/25 – 6/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UIS 5Y | UNISYS CORP | 33.6% | 119 | 471 | 353 | 3 |
| 2 | DOLE 5Y | DOLE FOOD COMPANY INC | 22.2% | 32 | 178 | 146 | 2 |
| 3 | DUFNSW 5Y | DUFRY AG | 11.9% | 16 | 147 | 131 | 3 |
| 4 | CHRYSLER 5Y | FIAT CHRYSLER AUTOMOBILES NV | 9.2% | 14 | 171 | 156 | 4 |
| 5 | NMAC 5Y | NISSAN MTR ACCEP CORP | 8.0% | 24 | 327 | 303 | 3 |
| 6 | ZFFNGR 5Y | ZF NA CAPITAL | 6.4% | 30 | 497 | 467 | 4 |
| 7 | TUIGR 5Y | CP SHIPS LTD | 6.3% | 17 | 290 | 273 | 3 |
| 8 | VMED 5Y | NTL CABLE PLC | 5.9% | 19 | 344 | 325 | 4 |
| 9 | ADRBID 5Y | UNITED GROUP BV | 5.6% | 18 | 333 | 315 | 5 |
| 10 | SDFGR 5Y | MORTON INTL INC IND | 5.0% | 8 | 161 | 153 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 6/1/25 – 6/30/25 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 5/31/24 vs. the month ending 6/30/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 142 | 130 | -12 | Tighter | 195 |
| U.S. | 135 | 125 | -9 | Tighter | 105 |
| Japan | 73 | 0 | -73 | Tighter | 5 |
| U.K. | 131 | 127 | -4 | Tighter | 16 |
| China | 101 | 99 | -2 | Tighter | 1 |
| APAC | 99 | 95 | -4 | Tighter | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 6/1/25 – 6/30/25 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 5/31/24 vs. the month ending 6/30/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 142 | 130 | -12 | Tighter | 195.00 |
| Construction & Building | 202 | 164 | -38 | Tighter | 5.00 |
| Chemicals, Plastics & Rubber | 112 | 94 | -17 | Tighter | 8.00 |
| Media: Broadcasting & Subscription | 325 | 368 | 43 | Wider | 4.00 |
| High Tech Industries | 81 | 74 | -7 | Tighter | 5.00 |
| Beverage, Food & Tobacco | 238 | 233 | -5 | Tighter | 7.00 |
Stay up-to-date with monthly summaries.
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