Bear Stearns High Yield Index up 0.51% in week, now 27.58% higher for 2003

New York, Dec. 12 - The Bear Stearns High Yield Index continued its long upward ascent with a 0.51% rise in the week to Dec. 11.

The latest gain brings the current run to seven straight positive weeks. The index has moved higher in 16 of the last 17 weeks.

Since Jan. 1 the index's total return is now 27.58%.

For a third week, all 11 of the industry sectors making up the index showed gains.

Telecommunications led the way upwards with a 1.22% rise, taking its year-to-date performance to 46.52%. Delivering a boost was the sector's CLECs and other local carriers component, which jumped 2.23% higher for a year-to-date gain of 43.71%.

Transportation was the weakest of the 11 sectors but it still managed to edge upwards 0.10% in the week. Its return since Jan. 1 is now 32.50%.

For 2003 so far the utility sector remains in the number one position with a 55.23% total return after moving up 0.27% in the week to Dec. 11.

In last place is consumer non-cyclicals with a 14.20% return after adding 0.27% in the seven days just completed.

Steel was the week's top performer among the sub-sectors into which Bear Stearns divides the 11 broader groups, soaring 3.03% in the week for a 10.70% year-to-date return.

The IPP component of utilities remains in first place since Jan. 1 with an 81.11% return although the group was unchanged in the most recent week.

Textile & apparel was the bottom-placed sub-sector in the week, losing 1.59% and extending its year-to-date loss to 7.41%, the only group in negative territory for 2003 so far.

The index's yield to worst fell 8 basis points to 7.83% from 7.91% the week before. The yield-to-worst spread rose 12 basis points to 485 basis points from 473 basis points.

The index ended the week with a market value of $497.22 billion in 1,654 issues, more value but fewer issues than the $496.23 billion in 1,656 issues the week before.

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