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Bear Stearns High Yield Index returns 4.05% for year to May 3, up 0.18% on the week
By Paul A. Harris
St. Louis, May 4 - The Bear Stearns High Yield Index has returned 4.05% for the year to May 3 and is up 0.18% for the most recent week.
During the week to May 3, the yield to worst widened by a single basis point to 7.59%. The yield-to-worst spread also widened by a single basis point to 295 bps.
Into early May, all 12 industry sectors posted positive year-to-date returns.
The outperformer was the transportation sector at 5.72%.
Doing the hauling, with respect to transportation's index-leading advance, was its freight-containers-shipping component, which is up 6.04% thus far in 2007.
Among the subsectors, health care's services-diagnostic component led the index with its 10.58% year-to-date return. However, services-diagnostic has posted a negative 2.31% return for the past month.
In fact, the services-diagnostic subsector's return for the first three days of May was negative 2.23%. It is the only subsector to have posted a greater than 200 bps move, either positive or negative, during that brief period.
Apart from services-diagnostic, the best year-to-date performance among the subsectors was that of the telecommunications sector's ESMR & PCS component, which returned 8.86% for 2007 to May 3.
As with the sectors, all index subsectors have generated positive year-to-date returns.
The lowest among them is the transportation sector's airlines component at 1.19%, only a single basis point lower than the 1.20% return of the utility sector's regulated component.
On May 3, the index posted a market value of $612.35 billion, slightly more than $1.25 billion lower from the previous week. Over the same period, the issue count increased by three to 1,577 issues.
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