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Bear Stearns High Yield Index drops 0.05% on week, up 2.42% for year
By Paul A. Harris
St. Louis, Sept. 9 - The Bear Stearns High Yield Index dropped 0.05% during the week to Sept. 8, ending the period with a year-to-date return of 2.42%.
The gain follows the previous week's 0.06% loss.
The index yield-to-worst spread tightened by nine basis points to 380 basis points.
The index has now reported gains in 45 of the past 65 weeks. Thus far in 2005, the index has posted 21 positive weekly returns versus 15 negative ones.
Seven of the 11 industry sectors that comprise the index saw gains for the week to Sept. 8.
For the second consecutive week, the Utility sector was the top performer, returning 0.35% versus its gain of 0.32% for the previous week. Utility's year-to-date return advanced to 2.02%. Its Independent Power Producers component led the advance, gaining 0.45% on the week to end with a 1.83% year-to-date return.
And again leading all underperformers was the Transportation sector, which fell back 1.06% for the week, leaving its year-to-date return at negative 15.34%. Transportation's ailing Airline component jettisoned a full 6.2% on the week, with its year-to-date losses now topping 50%.
The Telecommunication sector remained the outperformer on a year-to-date basis, extending its 2005 gains to 5.45%, having picked up 0.17% on the week to Sept. 8. Telecommunication's Cellular component also remained the year-to-date outperformer among index sub-sectors at 13.63%, having gained a quarter of a percent on the week.
The index yield to worst widened by three basis points on the week to 7.79%.
The index ended the week with a market value of $590.56 billion, down from the previous week's $593.48 billion. The number of issues declined by five to 1,761 issues.
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