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Bear Stearns High Yield Index advances 0.24% in week to Feb. 16, now up 1.62% year to date
By Paul A. Harris
St. Louis, Feb. 17 - The Bear Stearns High Yield Index advanced by 0.24% during the most recent week, increasing its year-to-date return to 1.62%.
The gain follows the previous week's 0.30% loss.
For the week, the index's yield-to-worst spread tightened by 5 basis points to 364 bps. The yield to worst, meanwhile, remained unchanged at 8.25%.
The index has reported gains in 58 of the past 88 weeks.
Ten of the 11 industry sectors making up the index posted gains in the most recent week, while one sector, consumer cyclical, posted a flat return.
The week's outperformer was the transportation sector, which returned 0.87%, advancing its year-to-date return to 2.44%.
The sector's advance was led by its airlines component, which returned 4.12% on the week, far outperforming all other index subsectors during the period and advancing its year-to-date return to 9.75%. The airlines subsector represents only 0.08% of the bonds tracked in the index.
The airlines subsector's 9.75% year-to-date return topped that of its nearest competitor, the consumer cyclical sector's automobile manufacturing-related component, with a 3.94% year-to-date return, by over 5.6%.
The automobile manufacturing-related subsector, which represents 15.07% of the index composite, was one of the most recent week's handful of decliners, dropping 0.25% during the period to ease its year-to-date return to 3.94%.
The week's biggest loss among index subsectors was sustained by the basic materials sector's mining component, which dropped 0.32%, narrowing its year-to-date return to 0.26%.
The market value of the index ended the week at $572.71 billion, down from the previous week's $578.57 billion. The number of issues decreased by 12 to 1,692 issues.
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