High Yield CDS Market Summary – May 2025
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High Yield CDS Market Summary: May 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 5/1/25 – 5/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | X 5Y | TRANSTAR HLDGS INC | -65.4% | -118 | 62 | 181 | 5 |
| 2 | AVNT 5Y | AVIENT CORP | -42.2% | -75 | 102 | 177 | 3 |
| 3 | IPGIM 5Y | SALINI IMPREGILO | -40.5% | -104 | 153 | 258 | 3 |
| 4 | NCX 5Y | NOVA CHEMS LTD | -39.5% | -57 | 88 | 145 | 3 |
| 5 | IRM 5Y | IRON MOUNTAIN INCORPORATED | -37.9% | -48 | 79 | 127 | 3 |
| 6 | LPX 5Y | LP PINEWOOD SPV LLC | -37.3% | -36 | 61 | 97 | 3 |
| 7 | CCLLN 5Y | CARNIVAL PLC | -36.0% | -89 | 157 | 246 | 4 |
| 8 | OLN 5Y | OLIN CORP | -35.0% | -102 | 189 | 291 | 3 |
| 9 | AMKR 5Y | AMKOR TECHNOLOGY INC | -33.3% | -40 | 80 | 121 | 3 |
| 10 | HLT 5Y | HILTON HOTELS CORP | -32.5% | -38 | 78 | 115 | 2 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 5/1/25 – 5/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THYELE HOLDCO 5Y | VERTICAL MIDCO GMBH | 100.1% | 55075 | 110115 | 55040 | 1 |
| 2 | CLF 5Y | CLIFFS NAT RES INC | 26.0% | 106 | 515 | 409 | 3 |
| 3 | ZIGGO 5Y | ZIGGO HOLDING BV | 18.9% | 77 | 487 | 410 | 4 |
| 4 | BGG 5Y | BRIGGS & STRATTON CORP | 11.8% | 25 | 237 | 212 | 1 |
| 5 | SUN 5Y | SUN INC | 11.1% | 30 | 300 | 270 | 1 |
| 6 | BANSAB 5Y | TRANSATLANTIC BK MIAMI FLA | 9.9% | 5 | 58 | 53 | 3 |
| 7 | HDSUPP 5Y | HD SUPPLY INC | 8.4% | 4 | 52 | 48 | 1 |
| 8 | PPFTEL 5Y | PPF TELECOM GROUP BV | 2.9% | 2 | 60 | 58 | 2 |
| 9 | MATTER 5Y | ORANGE COMMUNICATIONS | 2.3% | 5 | 220 | 215 | 1 |
| 10 | CEMEX 5Y | CEMEX SAB DE CV | 1.5% | 3 | 165 | 162 | 1 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 5/1/25 – 5/31/25 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 4/30/24 vs. the month ending 5/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 174 | 142 | -32 | Tighter | 182 |
| U.S. | 175 | 136 | -39 | Tighter | 95 |
| U.K. | 162 | 130 | -32 | Tighter | 16 |
| Canada | 110 | 81 | -29 | Tighter | 2 |
| China | 129 | 101 | -28 | Tighter | 1 |
| APAC | 121 | 98 | -22 | Tighter | 1 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 5/1/25 – 5/31/25 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 4/30/24 vs. the month ending 5/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 174 | 142 | -32 | Tighter | 182.00 |
| Beverage, Food & Tobacco | 256 | 238 | -18 | Tighter | 7.00 |
| Capital Equipment | 230 | 141 | -89 | Tighter | 5.00 |
| Retail | 153 | 141 | -12 | Tighter | 16.00 |
| High Tech Industries | 121 | 80 | -40 | Tighter | 5.00 |
| Services: Consumer | 211 | 188 | -22 | Tighter | 4.00 |
Stay up-to-date with monthly summaries.
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