High Yield CDS Market Summary – September 2022
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High Yield CDS Market Summary:October 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 9/1/22 – 9/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | TARGA 5Y | TARGA RES PARTNERS LP / TARGA | -16.4% | -31 | 158 | 189 |
| 2 | ORANOF 5Y | ORANO SA | -11.9% | -25 | 188 | 213 |
| 3 | HDSUPP 5Y | HD SUPPLY INC | -11.8% | -7 | 50 | 57 |
| 4 | ARM 5Y | ARVIN CAP I | -10.6% | -7 | 60 | 67 |
| 5 | LEN 5Y | LENNAR CORP | -6.8% | -14 | 197 | 212 |
| 6 | OSBCN 5Y | NORBORD INC | -6.0% | -4 | 55 | 59 |
| 7 | ILFC 5Y | INTERNATIONAL LEASE FINANCE CORP | -4.9% | -1 | 24 | 26 |
| 8 | PHM 5Y | CENTEX CORP | -4.6% | -9 | 191 | 200 |
| 9 | HCA 5Y | HCA INC | -2.9% | -5 | 164 | 169 |
| 10 | DAVITA 5Y | DAVITA HEALTHCARE PARTNERS INC | -2.8% | -11 | 384 | 395 |
Top 10 Underperformers
Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 9/1/22 – 9/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | MITSOL 5Y | MITSUI OSK LINES LTD | 69.4% | 42 | 102 | 60 |
| 2 | AMKR 5Y | AMKOR TECHNOLOGY INC | 67.3% | 147 | 364 | 218 |
| 3 | GNW 5Y | AQGEN LIBERTY MGMT I INC | 55.5% | 178 | 498 | 320 |
| 4 | UNILAB 5Y | UNILABS HOLDINGS SA | 54.0% | 100 | 285 | 185 |
| 5 | GT 5Y | GOODYEAR TIRE & RUBBER CO | 51.5% | 183 | 537 | 355 |
| 6 | LLOYDS 5Y | BANK OF SCOTLAND PLC | 51.5% | 32 | 93 | 62 |
| 7 | SIRI 5Y | SCS HOLDINGS INC | 51.4% | 109 | 322 | 212 |
| 8 | XRX 5Y | XEROX BUSINESS SERVICES LLC | 50.1% | 188 | 564 | 376 |
| 9 | PKG 5Y | PACKAGING CORP OF AMERICA | 49.6% | 28 | 85 | 57 |
| 10 | UPS 5Y | UNITED PARCEL SVC AMER INC | 48.3% | 19 | 58 | 39 |
Normalized HY Spread by Region
Displays the HY CDS spread by region between 9/1/22 – 9/30/22 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 8/31/22 vs. the month ending 9/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 213 | 245 | 32 | Wider | 253 |
| U.S. | 200 | 235 | 35 | Wider | 139 |
| Japan | 215 | 255 | 40 | Wider | 4 |
| Europe | 240 | 285 | 45 | Wider | 53 |
| APAC | 129 | 187 | 58 | Wider | 4 |
| Latin America | 261 | 316 | 55 | Wider | 8 |
Normalized HY Spread by Industry
Displays the HY CDS spread by industry between 9/1/22 – 9/30/22 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 8/31/22 vs. the month ending 9/31/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 213 | 245 | 32 | Wider | 253.00 |
| Beverage, Food & Tobacco | 126 | 138 | 12 | Wider | 9.00 |
| Energy: Oil & Gas | 162 | 185 | 23 | Wider | 15.00 |
| Insurance | 118 | 138 | 20 | Wider | 6.00 |
| Metals & Mining | 239 | 294 | 55 | Wider | 9.00 |
| Consumer Goods: Non-Durable | 250 | 274 | 24 | Wider | 8.00 |
Stay up-to-date with monthly summaries.
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