HY-IG Spread Difference Chart and Analysis

This high yield minus investment grade spread difference chart is updated monthly.

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🗞️ Great rally, but there should be more opportunities

Better to be safe than sorry... The opening of a window and 'hey presto!', there is no shortage of borrowers jumping through it, albeit paying up to get deals away. We don't think that, perhaps down the line, it is going to be seen as a panic move even if the companies issuing do not have a liquidity problem and are unlikely going to have one. We do, however, think that t [...]

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🌄 First of Many False Dawns

Timing is everything and nothing... Are we reading this wrong? An extraordinarily positive day in equities, and a clutch at the proverbial straw of hope of a turnaround. There is a massive fiscal boost on the way in the US to augment the monetary one as well as the open-ended Fed purchases already announced. That will surely light the blue touch paper. The virus will even [...]

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🗞️ Pyrites at the end of the primary rainbow

Closing for business... Another day goes by and it was another decent leg lower in for risk assets. Even with the Federal Reserve going all-in, becoming the ultimate back-stop bid for fixed income markets, failed to prop up risk markets. Classically, it ought to have translated into some material support across those very markets. It didn't, coronavirus doesn't listen, and w [...]

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