Bear Stearns high yield index jumps 2.15% in week, cuts year-to-date loss to 7.25%

New York, Aug. 23 - The Bear Stearns High Yield Index leaped upwards 2.15% in the most recent week, ending two consecutive weeks of losses and reducing the year-to-date loss to 7.25%.

For the previous two weeks, the index had recorded declines of 0.80% and 0.90%.

All 11 sectors making up the index rose in the most recent week with telecommunications by far the best performer, soaring 9.94% - although it remains by far the worst sector so far this year with a return of negative 44.94% since Jan. 1.

Also performing strongly were transportation, which gained 5.31%, and utilities which added 5.06%.

Even the weakest sector for the seven-day period, consumer non-cyclicals, was in positive territory, rising 0.43%.

Consumer cyclicals, which rose 0.80% in the week to Aug. 22, continue to be the best performer so far this year with a return of 6.13%.

Among the narrow sub-sectors into which Bear Stearns divides the index the best performer in the week was the towers group of telecommunications, which added 12.81%. Just behind was CLECs and other local carriers at 12.39%.

At the bottom was international cable, which lost 3.16% in the week to Aug. 22.

On a year-to-date basis, the top performer remains diversified programmers, up 27.67% after adding 0.31% in the most recent week.

Moving down, long distance remains the worst sector with a return of negative 73.10% so far this year even after rising 7.82% in the week just completed.

For the week, the index's yield to worst dropped 37 basis points to 13.98% from 14.35% seven days earlier and the yield-to-worst spread declined 46 basis points but still remained above 1,000 basis points at 1,044 basis points compared to 1,090 basis points the week before.

Overall the index ended with a market value of $309.197 billion in 1,454 issues, more value but fewer issues than $302.873 billion in 1,458 issues a week earlier.

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