Bear Stearns High Yield Index ends 13-week winning run with 0.44% decline

New York, May 23 - The Bear Stearns High Yield Index ended a run of gains that had stretched to 13 consecutive weeks - three months of positive performance - with a 0.44% loss in the week to May 22.

However the index is still ahead 14.43% since Jan. 1.

Transportation was the biggest loser among the 11 industry sectors making up the index, dropping 3.68% in the week as its airlines component fell 6.06%, also the largest fall among any of the component sub-sectors.

Transportation, which had been the strongest gainer the week before, is now up 10.76% year to date while airlines, the strongest of the sub-sectors the week before, are now up 15.05% so far in 2003.

Only two sectors recorded positive returns, led by finance with a 0.51% return taking its year-to-date performance to 11.77%.

A third sector, energy - oil and gas was unchanged on the week.

The best performing of the sub-sectors in the week was the ESMR and PCS component of telecommunications, which rose 0.98% for a year-to-date gain of 26.25%.

On a year-to-date basis, utilities continue to be the best performing sector with a 34.67% return after a 0.33% decline in the week to May 22.

Among the sub-sectors, the tiny broadband access and internet services component is number one with a 99.47% return after being unchanged in the most recent week. Long distance remains in second place with a 54.81% performance after moving up 0.19% in the week just completed.

In the other direction, the weakest performance so far this year among the 11 sectors is from consumer non-cyclicals, although it is still up 4.63% after slipping 0.24% in the seven days to May 22.

Among the sub-sectors, healthcare takes last place from textile and apparel and is now the only sector in negative territory with a 0.15% loss since Jan. 1. It added 0.09% in the week just completed.

The index ended the week with a market value of $417.54 billion in 1,563 issues, both up from $417.37 billion in 1,559 issues the previous week.

The yield to worst rose 17 basis points to 9.81% from 9.64% the week before. The yield-to-worst spread rose 32 basis points to 740 basis points.

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