High Yield CDS Market Summary – March 2026
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High Yield CDS Market Summary: March 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 3/1/26 – 3/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ARGID 5Y | ARDAGH GLASS INC. | -76.9% | -50 | 15 | 65 | 3 |
| 2 | TGNA 5Y | TEGNA INC | -26.5% | -14 | 39 | 53 | 4 |
| 3 | BOPRLN 5Y | BOPARAN FINANCE PLC | -17.4% | -44 | 211 | 255 | 3 |
| 4 | SIG 5Y | REYNOLDS GROUP HOLDINGS LIMITED | -12.4% | -5 | 37 | 42 | 4 |
| 5 | ILFC 5Y | INTERNATIONAL LEASE FINANCE CORP | -8.9% | -1 | 11 | 12 | 2 |
| 6 | SIRI 5Y | SCS HOLDINGS INC | -8.9% | -18 | 183 | 201 | 3 |
| 7 | CAR 5Y | AVIS BUDGET CAR RENTAL LLC | -5.6% | -24 | 399 | 422 | 3 |
| 8 | WLNFP 5Y | WORLDLINE SA/FRANCE | -5.3% | -1 | 16 | 17 | 4 |
| 9 | NVFVES 5Y | NOVAFIVES SAS | -3.0% | -2 | 66 | 68 | 3 |
| 10 | ROSINI 5Y | ROSSINI SARL | -1.6% | -4 | 218 | 222 | 2 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 3/1/26 – 3/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PICSUR 5Y | PICARD SURGELES SA | 167.8% | 179 | 285 | 107 | 3 |
| 2 | ZEGLN 5Y | ZEGONA FINANCE | 78.8% | 87 | 196 | 110 | 3 |
| 3 | TUIGR 5Y | CP SHIPS LTD | 67.2% | 158 | 394 | 236 | 4 |
| 4 | EGBLFN 5Y | EG GLOBAL FINANCE PLC | 65.0% | 123 | 311 | 189 | 3 |
| 5 | IPGIM 5Y | SALINI IMPREGILO | 57.2% | 90 | 248 | 158 | 3 |
| 6 | SAIBV 5Y | SAIPEM FINANCE INTERNATIONAL BV | 55.0% | 60 | 170 | 110 | 5 |
| 7 | OI 5Y | OI EUROPEAN GROUP BV | 53.2% | 144 | 414 | 270 | 3 |
| 8 | IGT 5Y | INTERNATIONAL GAME TECHNOLOGY | 52.6% | 82 | 238 | 156 | 3 |
| 9 | ETLFP 5Y | EUTELSAT COMMUNICATIONS | 51.9% | 63 | 185 | 122 | 3 |
| 10 | ZFFNGR 5Y | ZF NA CAPITAL | 50.9% | 137 | 405 | 268 | 3 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 3/1/26 – 3/31/26 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 2/28/26 vs. the month ending 3/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 142 | 163 | 21 | Wider | 216 |
| U.S. | 119 | 153 | 35 | Wider | 110 |
| Japan | 69 | 85 | 16 | Wider | 5 |
| Europe | 157 | 194 | 37 | Wider | 57 |
| U.K. | 130 | 132 | 3 | Wider | 21 |
| Canada | 69 | 82 | 13 | Wider | 2 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 3/1/26 – 3/31/26 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 2/28/26 vs. the month ending 3/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 142 | 163 | 21 | Wider | 216.00 |
| Automotive | 158 | 207 | 48 | Wider | 16.00 |
| Energy: Oil & Gas | 73 | 88 | 15 | Wider | 13.00 |
| Hotel, Gaming & Leisure | 179 | 213 | 34 | Wider | 10.00 |
| Metals & Mining | 206 | 284 | 78 | Wider | 4.00 |
| Finance | 110 | 114 | 4 | Wider | 19.00 |
Stay up-to-date with monthly summaries.
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