High Yield Lodging & Leisure Weekly

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High Yield Lodging & Leisure Weekly

July 31, 2026

Industry Overview

This Week’s High Yield Market Commentary

31 July 2026

The HY Lodging & Leisure sectors returned 0.27% and 0.55% respectively this week, as

compared to 0.16% for the ICE BofA US HY Index. As of July 30, the Lodging sector

traded at a YTW of 6.09% and STW of 172bps. The Leisure sector traded at a YTW of

7.66% and a STW of 334bps vs. the HY Index at a YTW of 7.29% and STW of 301bps.

Best and Worst Performers

The top performing lodging and leisure bonds this past week were Six Flags’ 7.25% and

8.625% senior notes and 6.625% secured notes, Hilton's 6.125% senior notes, and

Marriott Vacations' 4.50% senior notes. Ten-year treasury yields were down 2bps week

over week. The worst performing lodging and leisure bonds this past week were Resorts

World's 8.45% and 4.625% senior notes, Boyne's 4.75% senior notes, and Hilton's 5.75%

senior notes.

Exhibit 1: Lodging & Leisure Returns vs ICE BofA US HY Index

Lodging returned 1.63% YTD and Leisure returned 2.671% YTD

YTW

HY Index

Lodging

Leisure

High Yield BB

High Yield B

High Yield C

STW

12/31/2024 12/31/2024

7.47%

310bps

6.22%

181bps

6.26%

193bps

6.43%

205bps

7.54%

318bps

11.87%

751bps

2024

Returns

8.20%

6.12%

7.65%

6.28%

7.55%

18.18%

YTW

STW

12/31/2025 12/31/2025

6.62%

296bps

5.55%

187bps

6.57%

288bps

5.55%

186bps

6.78%

315bps

12.57%

892bps

2025

YTW

STW

YTD

Returns

8.50%

8.44%

6.03%

8.93%

8.38%

6.49%

7/30/2026

7.29%

6.09%

7.66%

6.25%

7.37%

14.34%

7/30/2026

301bps

172bps

334bps

193bps

314bps

1012bps

Returns

1.62%

1.63%

2.67%

1.50%

2.43%

-0.63%

Source: ICE Data Indices, LLC. Pricing as of July 30, 2026.

BofA GLOBAL RESEARCH

Exhibit 2: Best & Worst Performing Lodging & Leisure HY Bonds – Week of July 30, 2026

Leisure outperformed the HY market in a week where 10 year treasury yields were down 2bps

Week

Price

Total Returns

Issuer

Best Performing HY Lodging & Leisure Bonds

FUN 7.25% 05/15/2031

Six Flags Entertainment

HLT 6.125% 04/01/2032

Hilton Domestic Operating

VAC 4.5% 06/15/2029

Marriott Ownership

FUN 8.625% 01/15/2032

Six Flags Entertainment

FUN 6.625% 05/01/2032

Six Flags Entertainment

Worst Performing HY Lodging & Leisure Bonds

…