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 20 July 2026

week ended July 16, 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 outperformed the broader market this week, returning

0.3% vs. 0.0% for the ICE BofA US HY Index. As of July 16, the Financials Services sector

was trading at a YTW of 6.8% and STW of 259bps versus the HY Index at a YTW of 7.1%

and STW of 290bps.

The top performing financials bonds this past week were Acrisure LLC’s 6.000% senior

notes ’29, Midcap Financial Issuer Trust’s 5.625% senior notes ’30, and Acrisure LLC’s

8.500% senior notes ’29. Ten-year treasury yields were up 1bp week over week. The

worst performing bonds this past week were UWM Holdings LLC’s 6.250% senior notes

’31, Bread Financial Holdings Inc.’s 8.375% subordinated notes ’35, and Burford Capital

Global Finance LLC’s 6.250% senior notes ’28.

News Summary Highlights – CODI, FCFS, HWDGRP

News from the week ended July 16th includes:

Arbor Realty Trust Inc. (ABR) – Sued by former owners of Georgia apartment complex

Burford Capital Ltd. (BUR/BURLN) – Ohio enacted House Bill 105, increasing

disclosure requirements on third-party litigation funding