High Yield Financials: The Weekly Ledger

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High Yield Financials: The Weekly Ledger

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High Yield Financials

The Weekly Ledger

Industry Overview

Summary of significant developments in the Financial Services sector for the 12 May 2026

week ended May 11, 2026. High Yield Credit

AmericasMarket Commentary

Best and Worst Performers

News Summary Ryan Shelley

ICE BofA High Yield Indices/OAS for BDC, Insurance, and Financials Indices ResearchBofAS Analyst

Trading – Financials Bond Price Changes and Returns +1 646 855 8283

ryan.shelley@bofa.com

Relative Value Tables

Evan Silvia

Research Analyst

BofASHigh Yield Financials Market Commentary +1 646 855 6708

The HY Financial Services sector outperformed the broader market this week, returning evan.silvia@bofa.com

0.2% vs. 0.2% for the ICE BofA US HY Index. As of May 11, the Financials Services

sector was trading at a YTW of 6.8% and STW of 276bps versus the HY Index at a YTW

of 7.0% and STW of 298bps.

The top performing financials bonds this past week were LFS Topco LLC’s 8.750%

senior notes ’30. Ten-year treasury yields were down 3bps week over week. The worst

performing bonds this past week were PHH Escrow Issuer’s 9.875% senior notes ‘29.

News Summary Highlights – BURLN, PFSI, PGY

News from the week ended May 11th includes:

Atlanticus Holdings Corp. (ATLC) – 1Q26 results summary

Baldwin Insurance Group Inc. (BWIN/BRP) – 1Q26 results summary

Blackstone Mortgage Trust Inc. (BXMT) – Issued $450mm 6.250% notes ‘31

Bread Financial Holdings Inc. (BFH) – Priced 8.875% Series B preferred equity

Burford Capital Ltd. (BUR/BURLN) – 1Q26 results summary

Compass Diversified Holdings (CODI) – 1Q26 results summary

Compass Diversified Holdings (CODI) – Completed sale of Sterno’s food service

Cushman & Wakefield (CWK) – To redeem $100mm of $650mm 6.750% notes ‘28