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 18 May 2026

week ended May 14, 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

High Yield Financials Earnings Calendar +1 646 855 8283

ryan.shelley@bofa.com

Trading – Financials Bond Price Changes and Returns

Relative Value Tables EvanResearchSilviaAnalyst

BofAS

High Yield Financials Market Commentary +1evan.silvia@bofa.com646 855 6708

The HY Financial Services sector performed in-line with the broader market this week,

returning -0.1% vs. -0.1% for the ICE BofA US HY Index. As of May 14, the Financials

Services sector was trading at a YTW of 6.8% and STW of 274bps versus the HY Index

at a YTW of 7.1% and STW of 295bps.

The top performing financials bonds this past week were Goeasy Ltd.’s 6.875% senior

notes ‘30, 6.875% senior notes ‘31, 7.625% senior notes ‘29, 7.375% senior notes ’30,

and Burford Capital Global Finance’s 9.250% senior notes ’31. Ten-year treasury yields

were up 10bps week over week. The worst performing bonds this past week were

Pagaya U.S. Holdings’ 8.875% senior notes ’30, UWM Holdings LLC’s 6.250% senior

notes ’31, Howden U.K. Refinance PLC’s 8.125% senior notes ’32, PRA Group Inc.’s

5.000% senior notes ’29, and UWM Holdings LLC’s 6.625% senior notes ’30.

News Summary Highlights – FSK, GSYCN, JCAP

News from the week ended May 14th includes:

Alliant Holdings L.P (ALIANT)– Issued $1.35bn fungible add-on to S+250bp TLB-6 ‘31

Alliant Holdings L.P (ALIANT) – Moody’s upgraded ratings by one notch, subsequently