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Bear Stearns High Yield Index shows 6.11% return for year to Sept. 7
By Paul A. Harris
St. Louis, Sept. 8 - The Bear Stearns High Yield Index has returned 6.11% for the year to Sept. 7.
For the month to Sept. 7, the index is up 0.39%.
During the most recent week, the yield to worst tightened by 5 basis points to 8.47%. Over the same period, the yield-to-worst spread tightened by 9 bps to 370 bps.
For the month to Sept. 7, eleven of the 12 index industry sectors showed positive returns.
The health care sector has turned in the strongest performance thus far in September at 0.75%. However, health care remains the only sector in the index mired in red ink for the year to date, with a negative 0.88% return.
Health care's hospital management component, with its 1.17% return for the month to Sept. 7, is the outperformer for that period among the subsectors. Hospital management's negative 6.02% year-to-date return is the worst among all of the index subsectors, however.
The strongest year-to-date performance among the industry sectors is that of the consumer cyclical sector, which has returned 10.17% for the year to Sept. 7.
Consumer cyclical is the first sector to render a double-digit return for 2006.
Leading its advance is its automobile manufacturing-related subsector with a 17.23% year-to-date return.
The only index subsector to have generated a better year-to-date return than that is the transportation sector's airlines component, which has returned 23.89% for the year to date.
The automobile manufacturing related subsector, however, comprises a whopping 14.66% of the index composite, whereas the airlines subsector represents a mere 0.08% of the composite.
To Sept. 7, the index had a market value of $574.26 billion, and the issue count stood at 1,653 issues.
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