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Bear Stearns High Yield Index gains 0.96% on week to Oct. 20, now 1.03% year to date
By Paul A. Harris
St. Louis, Oct. 21 - The Bear Stearns High Yield Index gained 0.96% during the week to Oct. 20, ending the period with a year-to-date return of 1.03%.
The loss follows the previous week's 1.21% loss.
The index yield-to-worst spread tightened by 16 basis points to 383.
The index has now reported gains in 48 of the past 71 weeks.
Thus far in 2005, the index has posted 24 positive weekly returns versus 18 negative ones.
Ten of the 11 industry sectors posted positive returns on the week.
The consumer cyclical sector emerged as the week's outperformer, returning 2.39%, to cut its year-to-date losses to negative 0.59%. Its automobile manufacturing related component gained 5.28% on the week to lead all other index sub-sectors. However, the sub-sector remains at negative 7.65% for the year.
The week's underperformer was the utility sector, which gave up 0.41% during the period - the only negative return among the sectors. The loss dropped the utility sector to negative 0.37% thus far in 2005. Its independent power producers component dropped 0.57% on the week for a negative 1.33% year-to-date return.
The telecommunication sector remains atop the heap on a year-to-date basis, now at 5.03%, having picked up 0.95% on the week. Its cellular component also remains far ahead of the pack at 13.29% on the year after a 0.40% gain for the week.
The index yield to worst tightened by 17 bps on the week to 8.18.
The market value of the index increased during the week to $579.57 billion from the previous week's $575.94 billion. The number of issues fell by two to 1,772.
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