Fitch U.S. High Yield Default Insight (U.S. High Yield Default Rate Remains Below 2%; Seadrill Propels Yankee Rate)
Several U.S. high yield companies have interest payments scheduled for Sept. 15 which, according to Fitch Ratings, if not made would move the default rate above the current 1.8% mark, and includes two large retailers.
Topics: High Yield
The U.S. trailing 12-month (TTM) high yield default rate dipped below 2% for the first time since March 2014, according to Fitch Ratings in a new report.
July HY TTM Default Rate Dips Below 2%; Energy Rate Lowest Since August 2015
July Default Rate Below 2%: The July U.S. TTM high yield default rate stands at 1.9%, down from 2.2% at June 30. This represents the seventh straight month the rate will have fallen and marks the lowest level since March 2014. Chinos Intermediate Holdings’ (J. Crew Group Inc.) distressed debt exchange (DDE) and Armstrong Energy Inc.’s missed payment were the two July defaults registering $766 million. The month’s total is well below the $4.7 billion rolling off the TTM universe.
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 529,400+ U.S. and international corporate bonds
- Over 6,200+ CDS reference entities
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 14 asset classes from debt to CDS to loans to mid-market
- Used by top buy and sell-side firms worldwide