Bear Stearns High Yield Index drops 0.16% for week to April 21, year-to-date return now negative 1.70%

By Paul A. Harris

St. Louis, April 22 - The Bear Stearns High Yield Index dropped 0.16% during the week to April 21, as the year-to-date return dipped further into the red, ending at negative 1.70%.

The loss follows the previous week's negative 0.80% return. The index has now reported gains in 32 of the past 45 weeks.

The most recent results leave an even split among positive and negative weeks in 2005 to date: eight of the 16 weeks thus far have seen positive returns in the index.

The index's yield to worst decreased by 24 basis points to 8.07%, while the yield-to-worst spread widened by 10 basis points to end at 410.

Seven of the 11 industry sectors ended in negative territory for the week, and all 11 remained in the red with regard to their year-to-date returns.

Among the minority of sectors posting positive returns for the week, the technology sector was by far the strongest, advancing 0.56% during the period, and trimming its year-to-date loss to negative 1.25%.

Among the industry sub-sectors, the retailers component of the consumer cyclical sector posted the best weekly return, up 0.87%, ending at negative 3.62% year to date.

Among the 11 industry sectors, the utility sector saw the greatest loss on the week, giving up 1.43% and leaving it at negative 3.97% thus far into 2005. Its independent power producers component lost 1.76% during the week to April 21, leaving it with a negative 4.62% year-to-date return.

The outperformer among the sectors year to date is the finance sector, which ended the period at a negative 0.07% return, having advanced 0.28% on the week. It was second strongest weekly return in the index.

The cellular component of the telecommunications sector is outperforming all other subsectors year to date with a 4.28% return, having picked up 0.41% on the week.

The index ended the week to April 21 with a market value of $542.10 billion, compared to the previous week's $542.25 billion. The number of issues increased by four to 1,764 issues.

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