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Bear Stearns High Yield Index returns 2.72% on year to Feb. 22, up 1.68% for month
By Paul A. Harris
St. Louis, Feb. 23 - The Bear Stearns High Yield Index has returned 2.72% for the year to Feb. 22, up 0.46% during the most recent week.
For the month, the index has moved 1.68% higher.
The yield to worst was 7.51%, 8 basis points tighter than it was one week previous.
Meanwhile the yield-to-worst spread tightened by 12 bps to 274 bps over the same period.
All 12 of the industry sectors that make up the index have posted positive returns in February and remain in the black year to date.
The technology sector has turned in the best performance on the month to Feb. 22 with a 2.59% return during that period, extending its year-to-date gain to 3.04%.
The finance sector, on the other hand, lags the index for February thus far with a 0.30% return on the month. That sector also posts the most anemic return among all Bear Stearns index industry sectors thus far in 2007: 0.88%.
In terms of year-to-date returns among the industry sectors, basic materials maintained its lead with a return of 3.72%, up 1.79% on the month.
For the year to Feb. 22, only one of the Bear Stearns index subsectors has posted a double-digit return. The health care sector's services-diagnostic component has gained 14.62% - up 7.19% on the month. However that subsector posted a negative 10.36% return for all of 2006 - the only one in the index to finish last year in the red.
Apart from services-diagnostic, the greatest year-to-date total return in the index comes from the telecommunications sector's ESMR & PCS component at 6.24%, up 4.45% for the month to Feb. 22.
As with the industry sectors, all of the subsectors now post positive returns for the month and the year.
On Feb. 22, the market value of the index stood at $623.36 billion, up $2.1 billion for the week. The issue count fell by two during the week to 1,619 issues.
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