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 26 May 2026

week ended May 21, 2026. High Yield Credit

AmericasMarket Commentary

Best and Worst Performers

News Summary Ryan Shelley

ICE BofA High Yield Indices ResearchBofAS Analyst

OAS for BDC, Insurance, and Financials Indices +1 646 855 8283

ryan.shelley@bofa.com

High Yield Financials Earnings Calendar

Trading – Financials Bond Price Changes and Returns EvanResearchSilviaAnalyst

Relative Value Tables BofAS

+1 646 855 6708

evan.silvia@bofa.com

High Yield Financials Market Commentary

The HY Financial Services sector outperformed the broader market this week, returning -

0.1% vs. -0.2% for the ICE BofA US HY Index. As of May 21, the Financials Services

sector was trading at a YTW of 6.9% and STW of 277bps versus the HY Index at a YTW

of 7.1% and STW of 298bps.

The top performing financials bonds this past week were Goeasy Ltd.’s 7.625% senior

notes ‘29, 7.375% senior notes ‘30, 6.875% senior notes ‘30, 9.250% senior notes ’28,

and 6.875% senior notes ‘31. Ten-year treasury yields were up 8bps week over week.

The worst performing bonds this past week were Pagaya U.S. Holdings’ 8.875% senior

notes ’30, Acrisure LLC’s 6.750% secured notes ‘32, Republic Finance’s 7.875% senior

notes ‘30, UWM Holdings LLC’s 6.625% senior notes ’30, and PennyMac Financial

Services’ 6.875% senior notes ’33.

News Summary Highlights – FTAI, GGAMFI, JCAP

News from the week ended May 21st includes:

Aquarian Holdings (AQUARI) – Approached prospective investors about taking portion

of Mubadala Capital’s $3 billion equity commitment for acquisition of Brighthouse

Financial Inc.