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Bear Stearns High Yield Index up 1.20% on month to April 26, now 3.87% year-to-date
By Paul A. Harris
St. Louis, April 27 - The Bear Stearns High Yield Index returned 1.20% for the month to April 26, up nearly half a percent (0.48%) from the previous week, extending its year-to-date gains to 3.87%.
During the week to April 26 the yield to worst tightened by eight basis points to 7.58%, while the yield-to-worst spread narrowed by 10 basis points to 294 basis points.
All 12 industry sectors generated positive returns for the month to April 26, and all 12 remain in the black, year-to-date.
The consumer cyclical sector's 1.35% return rendered it the month-to-date outperformer and boosted its year-to-date return to 3.07%.
That sector's home builders component led the advance with a 2.79% return for the month to April 26, rendering it the outperformer among the index subsectors for that period.
That hefty month-to-date performance edged homebuilders back into the black, upping its year-to-date return to half a point, even.
The year-to-date outperformer among the 12 industry sectors is health care, at 4.93% for 2007 to April 26, up 0.59% over the previous week.
Leading health care's advance was its services-diagnostic component with its 13.20% year-to-date return, the best among all subsectors.
However services-diagnostic coughed out a negative 2.19% for the month to April 26, lending it the dubious distinction of being the only index subsector to generate a negative return on the month.
That said, services-diagnostic pushed 0.44% higher over the previous week.
On April 26, the index posted a market value of $613.61 billion, $1.67 billion higher than the previous week. Over the same period the issue count decreased by five issues to 1,574.
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