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Bear Stearns High Yield Index finishes week to Oct. 19 with 7.93% year-to-date return
By Paul A. Harris
St. Louis, Oct. 20 - The Bear Stearns High Yield Index's return increased to 7.93% for the year to Oct. 19 from 7.77% a week earlier.
For the month to Oct. 19, the index return increased to 0.75% from 0.60% a week earlier.
During the most recent week, the yield to worst widened by 41 basis points to 8.69% and the yield-to-worst spread also widened by 41 bps to 390 bps.
For the month to Oct. 19, 11 of the 12 index industry sectors showed positive returns.
The telecommunications sector's 1.30% month-to-date return rendered it the outperformer, boosting its year-to-date return to 8.52%.
Telecommunications' ESMR & PCS component led the advance with its 7.25% return for the month to Oct. 19 - the best by far among all industry subsectors thus far in October - driving its year-to-date return to 15.21%.
The telecommunications sector's star performer for 2006 to date has been its long distance component. Its 20.23% return is second only to that of the transportation sector's airlines component, which has generated the greatest return among all subsectors for the year to Oct. 19, 26.72%.
Airlines, however, represents only 0.08% of the index composite, while long distance makes up 0.60%.
For the month, the transportation sector is the underperformer with a negative 0.41% return to Oct. 19, trimming its year-to-date return to 8.03%.
For the year to Oct. 19, however, all 12 industry sectors are in the black. Among them, the year-to-date outperformer is the consumer cyclical sector, which has returned 11.42%. Its return for the month to Oct. 19 was 0.63%.
At Oct. 19, the index had a market value of $583.96 billion, and the issue count stood at 1,645.
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