Bear Stearns High Yield Index down 0.85%, year-to-date gain now 2.37%

New York, Feb. 14 - The high-yield market accelerated its recent downward trend in the week to Feb. 13, as measured by the Bear Stearns High Yield Index.

The measure showed a decline of 0.85% for the seven days, its third straight move down, coming after smaller losses of 0.06% and 0.28% in the two previous weeks.

Year to date, however, the index is still up 2.37%.

Eight out of the 11 industry sectors making up the index showed declines during the week.

Weakest was the utility sector, which fell 4.61%, cutting its year-to-date return to 4.80%.

Transportation, the previous week's worst performer, came in second last in the week to Feb. 13, returning negative 2.07%. However it is still firmly in last position for the year so far with a 6.35% decline. The only other sector in the red for 2003 is finance with a 1.61% loss.

Energy - oil and gas was the strongest performing industry in the week just completed, with a 0.47% gain taking its year-to-date total return to 2.60%.

For performance since Jan. 1, technology remains in first place with an 11.74% return even after a decline of 0.70% in the most recent week.

Among narrow sub-sectors, the week's biggest loss was in the integrated component of the utility sector, which fell 8.92%. But this group is still up 2.63% so far this year.

On a year-to-date basis, the worst performer is airlines, down 10.09% after losing 3.07% in the week to Feb. 13.

Strongest was energy's refining and marketing component, which rose 2.59% for a year-to-date return of 4.98%.

For the year so far broadband access and internet services remains in first position with a 19.99% gain after adding 0.14% in the most recent week.

The index ended the week with a market value of $357.913 billion in 1,519 issues, less value but more issues than $359.831 billion in 1,516 issues the previous week.

The yield to worst was 12.28%, up 25 basis points from 12.03% the week before, and the yield-to-worst spread rose 36 basis points to 929 basis points from 893 basis points.

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