High Yield CDS Market Summary – May 2022
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High Yield CDS Market Summary: May 2022
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 5/1/22 -5/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | MMC 5Y | KROLL INC | -29.0% | -12 | 28 | 40 |
| 2 | DUK 5Y | CINCINNATI GAS & ELEC CO | -26.7% | -11 | 30 | 41 |
| 3 | OLN 5Y | OLIN CORP | -25.9% | -63 | 181 | 245 |
| 4 | BSX 5Y | BOSTON SCIENTIFIC CORP | -25.4% | -15 | 45 | 60 |
| 5 | OXY 5Y | OCCIDENTAL PETE CORP | -24.8% | -43 | 132 | 175 |
| 6 | ILFC 5Y | INTERNATIONAL LEASE FINANCE CORP | -22.3% | -11 | 39 | 50 |
| 7 | SRE 5Y | SEMPRA ENERGY | -22.1% | -13 | 47 | 60 |
| 8 | AMD 5Y | ADVANCED MICRO DEVICES INC | -21.1% | -17 | 65 | 82 |
| 9 | BMY 5Y | BRISTOL MYERS SQUIBB CO | -20.9% | -8 | 32 | 40 |
| 10 | DOMINION 5Y | CONSOLIDATED NAT GAS CO | -18.8% | -11 | 45 | 56 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 5/1/22 -5/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | CAR 5Y | AVIS BUDGET CAR RENTAL LLC | 47.4% | 151 | 468 | 318 |
| 2 | FD 5Y | FEDERATED DEPT STORES INC | 46.5% | 180 | 565 | 386 |
| 3 | TSLA 5Y | TESLA INC | 42.7% | 75 | 250 | 175 |
| 4 | LB 5Y | LIMITED BRANDS | 41.6% | 118 | 401 | 283 |
| 5 | CECGR 5Y | CECONOMY AG | 33.2% | 119 | 479 | 360 |
| 6 | ARGID 5Y | ARDAGH GLASS FINANCE BV | 32.9% | 160 | 644 | 485 |
| 7 | CSAL 5Y | COMMUNICATIONS SALES & LEASING INC | 31.2% | 91 | 382 | 291 |
| 8 | BYD 5Y | BOYD GAMING CORP | 30.8% | 67 | 284 | 218 |
| 9 | RICOH 5Y | RICOH USA, INC | 30.4% | 10 | 45 | 34 |
| 10 | X 5Y | TRANSTAR HLDGS INC | 28.0% | 110 | 501 | 392 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 5/1/22 -5/31/22 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 4/30/22 vs. the month ending 5/31/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 200 | 199 | -1 | Tighter | 272 |
| U.S. | 201 | 202 | 1 | Wider | 145 |
| Japan | 127 | 142 | 15 | Wider | 4 |
| China | 140 | 145 | 5 | Wider | 3 |
| APAC | 135 | 120 | -15 | Tighter | 5 |
| Latin America | 232 | 250 | 18 | Wider | 9 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 5/1/22 -5/31/22 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 4/30/22 vs. the month ending 5/31/22
| INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 200 | 199 | -1 | Tighter | 272.00 |
| Construction & Building | 152 | 153 | 2 | Wider | 6.00 |
| Healthcare & Pharmaceuticals | 89 | 98 | 9 | Wider | 9.00 |
| Energy: Oil & Gas | 157 | 160 | 2 | Wider | 15.00 |
| High Tech Industries | 81 | 72 | -9 | Tighter | 12.00 |
| Services: Consumer | 353 | 439 | 86 | Wider | 6.00 |
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