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Bear Stearns High Yield Index gains 0.20% in week to Jan. 12, now up 0.83% year to date
By Paul Deckelman
New York, Jan. 13 - The Bear Stearns High Yield Index gained 0.20% during the most recent week, upping the index's year-to-date return to 0.83%.
The gain comes on the heels of the 0.65% return seen in the previous week, ended Jan. 5.
For the week, the index's yield-to-worst spread widened by 2 basis points to 385 bps. The yield to worst increased by 7 bps on the week to 8.23%.
The index has now reported gains in 55 of the past 82 weeks.
Seven of the 11 industry sectors making up the index posted gains in the most recent week, versus four sectors showing losses.
For a second consecutive week, the consumer cyclical sector was the week's best performer, returning 0.63%, although it was tied for the lead with transportation. On a year-to-date basis, the consumer cyclicals sector was ahead by 1.67%, the greatest year-to-date return among the sectors thus far in 2006, with transportation next at 0.86%.
The transportation grouping's airline subsector beat all other index subsectors by rising 3.15% on the week and 4.75% for the year to date, followed by the consumer cyclicals' automobile manufacturing-related component, which had a 1.36% weekly return and a 3.28% year-to-date return.
The worst performing subsector was telecommunications' PCS and enhanced specialized mobile radio grouping, which lost 0.46% on the week, followed by basic materials' forest products subdivision, down 0.45%. The media sector's motion picture exhibition subsector had the worst year-to-date return, down 0.61%.
The market value of the index ended the week at $581.427 billion, up from the previous week's $555.32 billion. The number of issues grew by 10 issues to 1,701 issues.
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