Bear Stearns High Yield Index shows 3.15% return for year to July 6

By Paul A. Harris

St. Louis, July 7 - The Bear Stearns High Yield Index has returned 3.15% for the year to July 6, with an 8.75% yield to worst and a yield-to-worst spread of 358 basis points.

Thus far in July the index has returned 0.21%.

Ten of the 12 sectors have shown positive moves for the month to July 6.

The consumer cyclical sector has been the outperformer during that period, posting a 0.49% return, advancing its year-to-date return to 5.85% - the second-best year-to-date return among the sectors.

The automobile manufacturing related subsector led the consumer cyclical sector's advance, returning 0.78% on the month to July 6, upping its year-to-date return to 9.85%.

Thus far in July the outdoor advertising component of the media sector has outperformed all Bear Stearns index subsectors with its 2.96% return, boosting its year-to-date return to 4.26%.

The transportation sector's 6.43% year-to-date return renders it the index outperformer thus far in 2006. It has returned 0.16% thus far in July. However, transportation represents only 0.73% of the index composite, whereas the consumer cyclical, with its second-best year-to-date return at 5.85%, represents 28.96% of the composite.

Transportation's airlines component (0.08% of the composite) remains the year-to-date outperformer among the index subsectors at 21.10%, having gained 0.15 thus far in July.

Second best, in terms of year-to-date return among the subsectors, is that of the telecommunications sector's long distance component (0.59% of the composite), which has now returned 13.64% for 2006, having gained 0.74% thus far in July.

The utility sector has been the index underperformer thus far in July, having lost 0.23%, narrowing its year-to-date return to 0.51%.

For the year to July 6 the energy sector's negative 0.16% return is the poorest. However, energy has returned 0.04% thus far in July.

To July 6 the index had a market value of $567.54 billion, and the issue count stood at 1,669 issues.

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