Bear Stearns High Yield Index returns up 0.42% to Jan. 11, 7.83% yield to worst 36 bps tighter since start of year

By Paul A. Harris

St. Louis, Jan. 12 - The Bear Stearns High Yield Index has posted a 0.42% return for both January and the New Year.

To the Jan. 11 close, the index's 7.83% yield to worst is 36 basis points tighter since the beginning of the year.

Meanwhile the yield-to-worst spread, at 307 bps, is 39 bps narrower that it was at the start of 2007.

For the year thus far, 11 of the 12 industry sectors that comprise the Bear Stearns High Yield Index are posting positive returns.

The media sector has the lead with a return of 0.82% for the month and year.

Two of the media sector's nine components have returned more than 1.0% on the year thus far: outdoor advertising at 1.37% and North American cable at 1.31%.

The outperformer among all of the subsectors in the index is the consumer cyclical sector's building materials component, which has returned 2.03% thus far in 2007.

As to the Bear Stearns index underperformers for the year thus far, energy, at negative 0.12%, is the only industry sector in the red.

Energy's exploration and production component is the underperformer among all Bear Stearns index subsectors at negative 0.59% for the month and the year.

To Jan. 11 the index posted a market value of $614.38 billion. The issue count was 1,624 issues.

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