Bear Stearns High Yield Index down 0.13% in week, now 1.63% higher in 2004

New York, March 26 - The Bear Stearns High Yield Index was down again in the week to March 25, losing 0.13% on top of the 0.23% decline the week before.

The drops follow two weeks of gains - including a rise of 0.38% the previous week - and several weeks of ups and downs before that.

The index is now showing a total return of 1.63% so far this year.

Seven out of the 11 industry sectors making up the index moved downwards in the most recent week.

Transportation again was the biggest loser, again largely because of the continuing nosedive of its airline component.

Transportation's loss in the most recent week was 1.99% following a 2.52% loss the week before. Airlines were down 4.15% in the week just gone on top of their 5.01% plunge in the previous seven days.

Among the 11 sectors, transportation remains the worst performer for the year so far, down 4.43%, while the airlines group is the bottom sub-sector with a 10.49% negative total return.

Moving higher, finance rose 0.40%, the best gain of any of the industry groups. And it is now 3.89% better so far this year, keeping it in the number one position.

The satellite component of telecommunications was the biggest winner among the sub-sectors in the week to March 25, rising 0.53% for a year-to-date return of negative 3.54%.

"Other consumer non-cyclicals" returned to first place among the sub-sectors after a one week hiatus in which textile and apparel was the top performer. In the most recent week other consumer non-cyclicals rose 0.51%, putting it 6.90% higher year to date.

The index's yield to worst ended the week at 7.65%, up 8 basis points from 7.57% the week before. The yield-to-worst spread moved back above 500 basis points, widening 8 basis points to 505 basis points from 497 basis points.

The index ended the week to March 25 with a market value of $504.89 billion in 1,672 issues, both up from $504.58 billion in 1,668 issues a week earlier.

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