Technology High Yield Weekly: Weekly Update

Research evidence excerpt

Technology High Yield Weekly: Weekly Update

News Summary

Technology sector performance for the week ended July 10, 2026

• The ICE BofA High Yield Technology Index posted a return of 0.5% (Thursday to

Thursday) and currently offers a YTW of 8.8%; this compares to a weekly return of

0.1% and a YTW of 7.1% for the ICE BofA High Yield Master Index.

ON Semiconductor - Agreed to divest two manufacturing facilities; financial

terms not disclosed

• ON Semiconductor agreed to divest two manufacturing facilities as part of its

ongoing effort to improve manufacturing cost to drive sustained gross margin

growth. Financial terms of the transaction were not disclosed. It said the sale of its

Philippines manufacturing site to Greatek Electronics is expected to close in the

next three to six months, while the sale of its Pennsylvania manufacturing site to

Silex Microsystems is expected to close in January 2028. It said the divestitures of

the two sites are expected to result in $35 million of annualized cost savings that

will begin in 2027 and be fully realized in 2028.

Pitney Bowes - S&P downgraded guaranteed unsecured notes to B from B+;

affirmed all other ratings and positive outlook

• S&P downgraded its issue-level rating on Pitney Bowes’ guaranteed unsecured

notes due 2029 to B from B+, while it affirmed the B+ issuer credit rating, B

unguaranteed unsecured debt rating, and the positive outlook. (Recall, Moody's rates

the issuer B1, secured debt Ba2, guaranteed unsecured debt B2, and guaranteed

unsecured debt B3 with a stable outlook, while Fitch rates the issuer BB-, secured

debt BB+, guaranteed unsecured debt BB-, and unguaranteed unsecured debt B+

with a stable outlook). S&P attributed the guaranteed unsecured notes’ downgrade