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Bear Stearns High Yield Index returns 2.56% on year to March 8, up 0.18% on month
By Paul A. Harris
St. Louis, March 9 - The Bear Stearns High Yield Index has returned 2.56% for the year to March 8, up 0.18% for the month.
The price return for the first eight days in March was negative 0.04%.
The yield to worst remained unchanged on the week at 7.64%.
However, the yield-to-worst spread was five basis points wider at 314 bps over the same period.
All 12 of the industry sectors that make up the index posted positive returns for the month to March 8 and remain in the black year to date.
The transportation sector has been the outperformer on the month, up 0.54% over the first eight days of March to extend its year-to-date return to 2.51%.
The basic materials sector, meanwhile, hovered ever so close to the balk line, returning only 0.01% for the month to March 8. However, basic materials' year-to-date return, at 3.42%, tops all other sectors.
The health care sector's pharmaceuticals component has been the index outperformer thus far in March, returning 0.93% to extend its year-to-date return to 2.38%.
Meanwhile, it was the health care sector's services-diagnostic component, which has taken the deepest plunge on the month - negative 2.03%. With its 12.28% return for the year to March 8, services-diagnostic remains the only sub-sector that has generated a double-digit return thus far in 2007. However, that sub-sector posted a negative 10.36% return for all of 2006 - the only one in the index to finish 2006 in the red.
All sub-sectors remain in the black year to date. The utility sector's regulated component is the 2006 underperformer thus far at 0.58%.
On March 8, the index posted a market value of $616.68 billion, slightly more than $4.0 billion lower on the week. Over the same period, the issue count was nine lower at 1,604.
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