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Credit Insights

High-Yield Credit Spread Rivals Tightest Levels Since Before Global Financial Crisis

As investors chased risk asset prices higher, bond prices in the U.S. Treasury market weakened.

The ongoing trade spat with China has not been able to derail investor enthusiasm for risk assets, and corporate credit spreads continued to tighten last week. The average spread of the Morningstar Corporate Bond Index (our proxy for the investment-grade market) tightened 3 basis points to end the week at +110. In the high-yield market, the BofA Merrill Lynch High Yield Master Index tightened 4 basis points to end the week at +325. Across other asset markets, equities continued their upward march as the S&P 500 rose 0.85% to a new high, oil prices surged almost $2 per barrel to $70.72, and copper spiked $0.23 per pound to $2.85.

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