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GLOBAL MACRO: Global Credit Spreads At Multi-Year Lows

GLOBAL MACRO
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  • Credit spreads continue to grind tighter with both US IG & HY OAS now trading at multi-year lows. The BBG US Aggregate spread have tightened 10bps in November, with the Index now at its tightest level on record
  • Similar moves have occurred in the Asia credit space, with Asia USD IG now trading at +69bps to record lows, while Asia HY is now back at 2018 lows at +422bps
  • The moves come as US tsys yields rise 15-40bps over the past month, a lack of corporate issuance has contributed to the tightening.

Chart. US Aggregate & HY Option Adjusted Spreads

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  • Credit spreads continue to grind tighter with both US IG & HY OAS now trading at multi-year lows. The BBG US Aggregate spread have tightened 10bps in November, with the Index now at its tightest level on record
  • Similar moves have occurred in the Asia credit space, with Asia USD IG now trading at +69bps to record lows, while Asia HY is now back at 2018 lows at +422bps
  • The moves come as US tsys yields rise 15-40bps over the past month, a lack of corporate issuance has contributed to the tightening.

Chart. US Aggregate & HY Option Adjusted Spreads