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Bear Stearns High Yield Index shows 0.02% return for month to April 6; now up 2.66% year to date
By Angela McDaniels
Seattle, April 9 - The Bear Stearns High Yield Index returned 0.02% for the month to April 6 and posted a year-to-date return of 2.66%.
During the most recent week, the yield to worst was 7.76% and the yield-to-worst spread was 314 basis points.
On the year thus far, all 12 of the industry sectors that make up the index posted positive returns.
For the year to April 6, the transportation and health care sectors tied for the lead, with both returning 3.69%. The return for the month to date was 0.10% for transportation and 0.14% for health care.
Health care got a boost from its diagnostic services subsector. Its return for the month to April 6 was negative 2.16%, but its 13.23% year-to-date return was the best among the subsectors.
Rounding out the top three subsectors were telecommunication's ESMR & PCS subsector with a 7.41% year-to-date return and basic material's metals subsector with a year-to-date return of 5.69%. For the month to April 6, ESMR & PCS returned 0.22% and metals returned 0.05%.
Among the underperformers, the consumer cyclical sector was the weakest, with a year-to-date return of 1.64%. Its month-to-date performance was also the weakest among the sectors, at negative 0.06%.
Of the three worst-performing subsectors for the year to date, consumer cyclical held two: automobile manufacturing-related with a 0.66% return and home builders, which, at negative 2.30%, was the only subsector in the red for the year to April 6. For the month to date, the return was negative 0.15% for automobile manufacturing-related and negative 0.07% for homebuilders.
The other member of the bottom three was utility's regulated subsector, with a 0.32% return for the year to date and a negative 0.09% for the month to April 6.
On April 6, the index had a market value of $604.353 billion and the issue count was 1,572.
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