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High Yield CDS Market Summary: September 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 9/1/26 – 9/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	EGBLFN 5Y	EG GLOBAL FINANCE PLC	-8.9%	-11	109	120	3
2	LHMCFI 5Y	CIRSA GAMING CORPORATION	-7.9%	-13	147	160	3
3	OPALBD 5Y	OPELLA HEALTHCARE GROUP	-4.2%	-9	206	215	2
4	SM 5Y	SM ENERGY CO	-2.5%	-3	122	125	3
5	ZEGLN 5Y	VODAFONE SPAIN	-2.4%	-4	154	158	3
6	PPCGA 5Y	PUBLIC POWER CORPORATION FINANCE PLC	-1.0%	-2	167	168	2
7	–	–	–	–	–	–	–
8	–	–	–	–	–	–	–
9	–	–	–	–	–	–	–
10	–	–	–	–	–	–	–

Top 10 Underperformers

Showcases the top 10 HY CDS “underperformers” based on the largest mid spread increases between 9/1/26 – 9/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPREAD	SPREAD-1 MONTH	DEALERS
1	PICSUR 5Y	PICARD SURGELES SA	59.3%	73	197	123	3
2	IPGIM 5Y	SALINI IMPREGILO	48.9%	69	211	141	3
3	GT 5Y	GOODYEAR TIRE & RUBBER CO	39.4%	141	498	357	3
4	FREMOR 5Y	FREEDOM MORTGAGE CORP	39.2%	95	339	244	3
5	PFSI 5Y	PENNYMAC FINANCIAL SERVICES, INC.	37.9%	78	283	205	3
6	KBH 5Y	KB HOME	37.9%	49	177	128	6
7	DUFNSW 5Y	DUFRY AG	36.4%	47	175	128	3
8	HOV 5Y	HOVNANIAN K ENTERPRISES INC	34.3%	84	331	246	6
9	CCOH 5Y	CCO HOLDINGS LLC	33.0%	98	394	296	5
10	MGM 5Y	MGM RESORTS INTERNATIONAL	31.8%	70	291	221	3

Normalized HY Spread by Region

Displays the HY CDS spread by region between 9/1/26 – 9/30/26 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 8/31/26 vs. the month ending 9/30/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	126	149	23	Wider	261
U.S.	115	134	19	Wider	133
Japan	67	73	6	Wider	5
Europe	137	158	21	Wider	70
U.K.	147	154	7	Wider	23
APAC	320	372	52	Wider	3

Normalized HY Spread by Industry

Displays the HY CDS spread by industry between 9/1/26 – 9/30/26 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 8/31/26 vs. the month ending 9/30/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	126	149	23	Wider	261.00
Aerospace & Defense	67	72	5	Wider	2.00
Construction & Building	219	237	18	Wider	6.00
Finance	107	122	15	Wider	20.00
Energy: Oil & Gas	85	116	31	Wider	17.00
Capital Equipment	88	91	4	Wider	5.00

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