Investment insights from Capital Group
Monthly corporate bond issuances for high-yield and investment-grade companies (USD billions)
Source: Bank of America. Data as of April 30, 2020, and shown in USD. The left hand y-axis represents high-yield issuances while the right hand y-axis represents investment-grade issuances.
Yield differential between higher income sectors and U.S. Treasuries (bps)
Select market declines (based on the S&P 500 Index) over the 20-year period ending 3/31/20. The most recent period is still in correction phase as of 3/31/20.
High yield represents Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index; investment-grade corporates represents Bloomberg Barclays U.S. Corporate Index; emerging markets debt represents JPMorgan EMBI Global Diversified Index; securitized represents 80% Bloomberg Barclays CMBS ex AAA Index /20% Bloomberg Barclays ABS ex AAA Index.
Source: Bloomberg. Date of crisis reflects highest month-end option-adjusted spread for the crisis period. OAS is a yield-spread calculation used to value securities with embedded options.
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Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.