Bear Stearns index down 0.21% in most recent week; up 4.80% year to date

By Peter Heap

New York, Dec. 21 - The Bear Stearns High Yield Index scored its second consecutive decline after a long stretch of gains, losing 0.21% in the week to Dec. 20. The fall - which follows a negative 0.58% return the previous week - cut the year-to-date performance of the index to 4.80%. The two drops follow nine straight weeks of gains as the index bounced back strongly after a sharp drop in the wake of the Sept. 11 terrorist attacks.

In the most recent week, the index tracked 1,427 issues, up significantly from 1,399 the week before. The total market value also jumped, to $306.99 billion from $298.58 billion previously.

The index's yield to worst rose four basis points to 12.89% from 12.85% the previous week and the spread to worst moved out two basis points to 846 basis points from 844 basis points.

Although the overall index fell, six out of its 11 broad industry group actually rose.

The weakest performer was telecommunications, which lost 2.24% in the week, reinforcing its status as the perpetual laggard for 2001. Year to date, the sector is down 30.25%; the only other industry in negative territory for the same period is transportation with a much smaller 3.53% loss.

Among gainers, the week's best performer was utilities, which added 0.68% for a year-to-date performance of 4.25%. Utilities had been the worst performer the previous week when they dropped 5.33%. The previous week's best performer was finance.

On a year-to-date basis, the top performing group is consumer non-cyclicals. Despite losing 0.93% in the most recent week, the sector has returned 28.35% so far this year.

By Bear Stearns' narrow industry groupings, the top-ranking sector in the week to Dec. 20 was "Other Media," which rose 3.11% for a year-to-date gain of 22.68%. The previous week "Other Finance" has been first.

Year to date, motion picture exhibitors consolidated their lead over convenience and drug retailers after taking the number-one position last week. The movie theaters added 0.19% for a return of 87.73% so far in 2001. Number-two placed convenience and drug retailers slipped again, declining 0.78%.

Among decliners, the long distance sector of telecommunications was the bottom performer, losing 6.34% for a 51.84% loss year to date. The previous week international cable was weakest.

On a year-to-date basis, broadband access and internet services stayed bottom, losing another 2.82% in the week for a year-so-far return of negative 75.22%.

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