Debtwire Middle-Market – 5/2/2022

High Yield bond secondary prices tumble,
sending yields to post-pandemic highs


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Source: BofA US HY Index, Debtwire Par

Average prices for high yield bonds trading in the secondary market have taken a significant hit this year, falling from a high of 103.17 in January to just 92.31 on 4 May, according to the ICE BofA US High Yield Index. The more than ten-point decline is the largest such slide in bond prices since May 2020, when bond prices were still recovering from the shock of the coronavirus (COVID-19) pandemic. Just last month, issuers including Diebond Nixdorf, Talen Energy and Bed Bath & Beyond saw bond prices slide more than 20%, to 65.56, 40.59 and 55.25, respectively.