US high-yield credit spreads for CCC-rated bonds hit 12.0%, their widest since November 2022, with potential to exceed 2022 peaks this month if current trends persist.
Macro & Markets ·
US high-yield credit spreads for CCC-rated and lower bonds have reached 12.0%, their widest level since November 2022, after climbing 298 basis points over the past five months. If current trends continue, these spreads could exceed the 2022 peak of 12.9% within the month, approaching levels comparable to market corrections in 2022 and February-April 2025. The 2020 pandemic peak of 19.6% remains the highest on record.