Los rendimientos del crédito con grado de inversión fueron más débiles en el segundo trimestre, aunque el rendimiento del año hasta la fecha para la clase de activos se mantuvo en territorio positivo. Durante el trimestre, el diferencial ajustado por opciones (Option Adjusted Spread, OAS) en el índice de bonos corporativos de EE. UU. de Bloomberg se redujo en 15 puntos básicos y llegó a 123 después de haber abierto el año con un OAS de 138. Las tasas de interés más altas fueron un obstáculo para los rendimientos, ya que el rendimiento del Tesoro a 10 años aumentó 37 puntos básicos en el período, y pasó del 3.47 % al 3.84 %.
Download Category: Yield Spread Analysis
June 2023
KEY OBSERVATIONS
For the month of June 2023, the yield on the 10-year US Treasury Note ended at 3.84%, 19 basis points higher from the previous month. The Bloomberg US Corporate Index tightened by 15 basis points to 1.23% over Treasuries. The A Rated Corporate Credit Spread decreased by 13 basis points to 1.04%. The BBB Rated Corporate Credit Spread decreased by 17 basis points to 1.52%.
May 2023
KEY OBSERVATIONS
For the month of May 2023, the yield on the 10-year US Treasury Note ended at 3.65%, 22 basis points higher from the previous month. The Bloomberg US Corporate Index widened by 2 basis points to 1.38% over Treasuries. The A Rated Corporate Credit Spread increased by 1 basis points to 1.17%. The BBB Rated Corporate Credit Spread increased by 3 basis points to 1.69%.
April 2023
KEY OBSERVATIONS
For the month of April 2023, the yield on the 10-year US Treasury Note ended at 3.43%, 4 basis points lower from the previous month. The Bloomberg US Corporate Index tightened by 2 basis points to 1.36% over Treasuries. The A Rated Corporate Credit Spread decreased by 2 basis points to 1.16%. The BBB Rated Corporate Credit Spread decreased by 2 basis points to 1.66%.
March 2023
KEY OBSERVATIONS
For the month of March 2023, the yield on the 10-year US Treasury Note ended at 3.47%, 45 basis points lower from the previous month. The Bloomberg US Corporate Index widened by 14 basis points to 1.38% over Treasuries. The A Rated Corporate Credit Spread increased by 14 basis points to 1.18%. The BBB Rated Corporate Credit Spread increased by 17 basis points to 1.68%.
February 2023
KEY OBSERVATIONS
For the month of February 2023, the yield on the 10-year US Treasury Note ended at 3.92%, 41 basis points higher from the previous month. The Bloomberg US Corporate Index widened by 7 basis points to 1.24% over Treasuries. The A Rated Corporate Credit Spread increased by 7 basis points to 1.04%. The BBB Rated Corporate Credit Spread increased by 7 basis points to 1.51%.
January 2023
KEY OBSERVATIONS
For the month of January 2023, the yield on the 10-year US Treasury Note ended at 3.51%, 37 basis points lower from the previous month. The Bloomberg US Corporate Index tightened by 13 basis points to 1.17% over Treasuries. The A Rated Corporate Credit Spread decreased by 12 basis points to 0.97%. The BBB Rated Corporate Credit Spread decreased by 15 basis points to 1.44%.
Decemeber 2022
KEY OBSERVATIONS
For the month of December 2022, the yield on the 10-year US Treasury Note ended at 3.88%, 27 basis points higher from the previous month. The Bloomberg US Corporate Index tightened by 3 basis points to 1.30% over Treasuries. The A Rated Corporate Credit Spread decreased by 3 basis points to 1.09%. The BBB Rated Corporate Credit Spread decreased by 4 basis points to 1.59%.
October 2022
KEY OBSERVATIONS
For the month of October 2022, the yield on the 10-year US Treasury Note ended at 4.05%, 22 basis points higher from the previous month. The Bloomberg US Corporate Index tightened by 1 basis point to 1.58% over Treasuries. The A Rated Corporate Credit Spread increased by 2 basis points to 1.37%. The BBB Rated Corporate Credit Spread decreased by 2 basis points to 1.90%.
September 2022
KEY OBSERVATIONS
For the month of September 2022, the yield on the 10-year US Treasury Note ended at 3.83%, 63 basis points higher from the previous month. The Bloomberg US Corporate Index widened by 19 basis points to 1.59% over Treasuries. The A Rated Corporate Credit Spread increased by 21 basis points to 1.35%. The BBB Rated Corporate Credit Spread increased by 18 basis points to 1.92%.