Bear Stearns High Yield Index up 0.27%, down 1.04% through Dec. 26

New York, Dec. 31 - The Bear Stearns High Yield Index rose again in the week to Dec. 26 but the 0.27% gain for the week still leaves it down 1.04% for 2002 through that date - leaving just two full trading days and a shortened session for it to make up the shortfall if it was to end the year at break-even.

The latest rise came after a 0.58% gain the previous week, which in turn came after a 0.16% decline the week before and eight straight upward weeks before that.

Ten out of the 11 industry sectors making up the index showed gains in the week to Dec. 26.

Top performer was telecommunications, which added 1.62% but it is still virtually certain to be the worst performer of 2002 as a whole, with a loss of 33.04% through Dec. 26. A wide gap separates it from the next worst performer, transportation, which is down 18.52% from Jan. 1 to Dec. 26.

The only sector to show a loss in the most recent week was media, which fell 0.59% and is now down 9.36% so far in 2002.

Consumer cyclicals looks set to be the winning sector in 2002. After adding 0.22% in the week to Dec. 26 it is up 10.86% for the year up to that point.

Among the narrow sub-sectors making up the index, CLECs and other local carriers was the leading sector in the week to Dec. 26 with a gain of 3.23% although it is still down 41.14% through Dec. 26.

The biggest loss was in North American cable, down 2.90% and extending its year-to-date loss to 30.12%.

"Other consumer cyclicals" is on course to be the best performing sub-sector for 2002 with a gain of 21.26% through Dec. 26.

In the other direction, long distance is by far the worst performer with a loss of 69.47%.

For the week to Dec. 26, the index's yield to worst fell 11 basis points to 12.52% from 12.63% seven days earlier. The yield-to-worst spread shrank seven basis points to 951 basis points from 958 basis points the week before.

The index's overall market value shrank to $335.972 billion on 1,483 issues, less value but more issues than $339.348 billion in 1,477 issues a week earlier.

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