Credit cracking big time: CCC OAS 998bp: +140bp in a month, +226bp in 3 months, and 100%-ile over 1y and 3y HY OAS up 43bp in a week to 309bp (97th %-ile), CDX HY +36.2bp to 337.2 IG all-in yields sit at 6.48%, highest since 2004

Renaiss Index is partnering with CCC Collections. 🤝 CCC Collections, short for Chase Card Collectors Collections, is a collectibles business specializing in trading card games and collectible cards, with a strong focus on Pokémon and One Piece Card Game. They are passionate about collecting, sourcing, and connecting with fellow collectors, retailers, brands, and partners within the trading card community. Their goal is to build long-term partnerships and create opportunities within the growing TCG and collectibles market. Through this partnership, CCC Collections will contribute market data to Renaiss Index, bringing insights from its close connections with collectors, retailers, and the wider TCG community into the Index. This adds more context around markets such as Pokémon and One Piece, helping Index stay closer to how collectibles are actually bought, sold, and circulated. More market data. More collector insight. Welcome, CCC Collections. ✨

$CLMT (Bloomberg) -- Calumet Inc’s issuer credit rating is upgraded to B- from CCC+ by S&P. Outlook stable. •Senior unsecured debt rating is raised to B- COMMENTARY AND CONTEXT •Stable outlook reflects expectation that credit metrics will remain strong for the rating over the next 12 months but remain subject to industry volatility and regulations

GOLDMAN WARNS JUNK BOND SUPPLY IS OVERWHELMING INVESTORS Goldman Sachs says a flood of U.S. high-yield debt issuance is straining investor demand, pushing junk-bond spreads to their widest since April. September issuance has reached $38.5 billion, while CCC spreads have surged to their highest since 2023. Goldman has also tracked nearly $600 billion of AI-related debt supply this year, warning that another acceleration could come in 2027.