Spreads on CCC-rated US junk debt are back above 1,000 bps, the widest since 2022.
The rest of the high-yield market is still tighter than 84% of readings since 1994.
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