High Yield CDS Market Summary – May 2026
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High Yield CDS Market Summary: May 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 5/1/26 – 5/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | INEGRP 5Y | INEOS FIN PLC | -68.5% | -275 | 126 | 402 | 3 |
| 2 | BZH 5Y | BEAZER HOMES USA INC | -38.5% | -148 | 235 | 383 | 4 |
| 3 | UAL 5Y | UNITED CONTINENTAL HOLDINGS INC | -26.7% | -58 | 159 | 217 | 3 |
| 4 | LHAGR 5Y | DEUTSCHE LUFTHANSA AG | -24.6% | -38 | 115 | 153 | 4 |
| 5 | BAB 5Y | BRITISH AIRWAYS | -24.2% | -25 | 80 | 105 | 4 |
| 6 | AIR 5Y | AAR CORP | -23.6% | -25 | 81 | 106 | 3 |
| 7 | AFKLM 5Y | AIR FRANCE-KLM | -23.2% | -47 | 154 | 201 | 3 |
| 8 | METSA 5Y | METSA BOARD OYJ | -22.4% | -39 | 134 | 172 | 4 |
| 9 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | -20.9% | -25 | 95 | 120 | 3 |
| 10 | MERLLN 5Y | MERLIN ENTERTAINMENTS PL | -19.2% | -56 | 236 | 293 | 3 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 5/1/26 – 5/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPREAD | SPREAD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SAPSJ 5Y | PE PAPER ESCROW GMBH | 33.7% | 101 | 401 | 300 | 2 |
| 2 | RRD 5Y | DONNELLEY R R & SONS CO | 22.1% | 98 | 541 | 443 | 4 |
| 3 | GT 5Y | GOODYEAR TIRE & RUBBER CO | 11.5% | 41 | 395 | 354 | 4 |
| 4 | AGFC 5Y | AGFC CAP TR I | 8.5% | 20 | 249 | 230 | 4 |
| 5 | GPS 5Y | GAP INC | 8.3% | 12 | 155 | 143 | 3 |
| 6 | ABS 5Y | NEW ALBERTSONS INC | 7.9% | 8 | 103 | 96 | 4 |
| 7 | MBIA_AA 5Y | MBIA INC | 7.3% | 12 | 183 | 170 | 3 |
| 8 | NRG 5Y | NRG ENERGY INC | 6.0% | 7 | 125 | 118 | 3 |
| 9 | ALIANT 5Y | ALLIANT HLDGS I INC | 5.4% | 12 | 236 | 224 | 3 |
| 10 | NAVI 5Y | SLM CORP MEDIUM TERM NTS BOOK | 5.4% | 24 | 475 | 451 | 4 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 5/1/26 – 5/31/26 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 4/30/26 vs. the month ending 5/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 140 | 135 | -5 | Tighter | 257 |
| U.S. | 122 | 117 | -5 | Tighter | 136 |
| Japan | 78 | 75 | -3 | Tighter | 5 |
| Europe | 173 | 154 | -19 | Tighter | 65 |
| U.K. | 165 | 126 | -39 | Tighter | 23 |
| Canada | 66 | 65 | -1 | Tighter | 4 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 5/1/26 – 5/31/26 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 4/30/26 vs. the month ending 5/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 140 | 135 | -5 | Tighter | 257.00 |
| Beverage, Food & Tobacco | 150 | 149 | -1 | Tighter | 10.00 |
| Consumer Goods: Non-Durable | 104 | 100 | -4 | Tighter | 6.00 |
| Media: Broadcasting & Subscription | 322 | 336 | 13 | Wider | 5.00 |
| Utilities: Oil & Gas | 52 | 47 | -5 | Tighter | 1.00 |
| Transportation: Cargo | 247 | 227 | -20 | Tighter | 4.00 |
Stay up-to-date with monthly summaries.
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