High Yield CDS Market Summary – June 2026
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High Yield CDS Market Summary: June 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 6/1/26 – 6/30/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VMDAB 5Y | VERISURE | -29.5% | -46 | 109 | 154 | 3 |
| 2 | MATTER 5Y | ORANGE COMMUNICATIONS | -28.6% | -56 | 141 | 197 | 3 |
| 3 | DUFNSW 5Y | DUFRY AG | -27.7% | -54 | 141 | 195 | 4 |
| 4 | IPGIM 5Y | SALINI IMPREGILO | -23.0% | -43 | 143 | 185 | 4 |
| 5 | LHMCFI 5Y | CIRSA GAMING CORPORATION | -21.0% | -50 | 187 | 237 | 4 |
| 6 | HPLGR 5Y | HAPAG-LLOYD A G | -19.2% | -38 | 161 | 199 | 3 |
| 7 | CCLLN 5Y | CARNIVAL PLC | -19.0% | -23 | 96 | 119 | 3 |
| 8 | KBH 5Y | KB HOME | -18.2% | -29 | 131 | 160 | 5 |
| 9 | TUIGR 5Y | CP SHIPS LTD | -16.4% | -48 | 245 | 293 | 4 |
| 10 | CSTM 5Y | CONSTELLIUM NV | -16.0% | -24 | 127 | 151 | 4 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 6/1/26 – 6/30/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | INEGRP 5Y | INEOS FIN PLC | 76.5% | 235 | 542 | 307 | 3 |
| 2 | SM 5Y | SM ENERGY CO | 25.1% | 37 | 185 | 148 | 3 |
| 3 | SAPSJ 5Y | PE PAPER ESCROW GMBH | 21.6% | 76 | 427 | 351 | 2 |
| 4 | ABS 5Y | NEW ALBERTSONS INC | 20.2% | 21 | 124 | 103 | 3 |
| 5 | WFRD 5Y | WEATHERFORD INTERNATIONAL | 19.1% | 22 | 136 | 114 | 2 |
| 6 | CHRYSLER 5Y | FIAT CHRYSLER AUTOMOBILES NV | 17.9% | 27 | 176 | 149 | 4 |
| 7 | RGCARE 5Y | REGIONALCARE HOSPITAL PARTNERS HOLDINGS INC | 15.8% | 51 | 377 | 325 | 2 |
| 8 | CLF 5Y | CLIFFS NAT RES INC | 15.2% | 36 | 276 | 240 | 4 |
| 9 | SWY 5Y | SAFEWAY INC | 14.6% | 15 | 117 | 102 | 3 |
| 10 | CITRIX 5Y | TIBCO SOFTWARE INC | 11.7% | 56 | 534 | 478 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 6/1/26 – 6/30/26 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 5/31/26 vs. the month ending 6/30/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 142 | 134 | -8 | Tighter | 256 |
| U.S. | 121 | 116 | -5 | Tighter | 132 |
| Japan | 75 | 73 | -2 | Tighter | 5 |
| Europe | 153 | 141 | -12 | Tighter | 67 |
| U.K. | 155 | 150 | -5 | Tighter | 23 |
| APAC | 340 | 350 | 10 | Wider | 3 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 6/1/26 – 6/30/26 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 5/31/26 vs. the month ending 6/30/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 142 | 134 | -8 | Tighter | 256.00 |
| Beverage, Food & Tobacco | 150 | 151 | 2 | Wider | 9.00 |
| Chemicals, Plastics & Rubber | 104 | 99 | -5 | Tighter | 10.00 |
| Healthcare & Pharmaceuticals | 115 | 119 | 4 | Wider | 14.00 |
| Real Estate | 197 | 188 | -9 | Tighter | 7.00 |
| Retail | 160 | 145 | -15 | Tighter | 18.00 |
Stay up-to-date with monthly summaries.
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