10-Year Note Auction High Yield in 2015
10-Year Note Auction High Yield opened 2015 at 1.93% and closed at 2.23%, a +15.70% move for the year. The high of 2.46% was reached on June 10, and the low of 1.93% on April 8.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.93% | 1.93% | 1.93% | 1.93% | +0.00% |
| Feb | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Mar | 2.14% | 2.14% | 2.14% | 2.14% | +0.00% |
| Apr | 1.93% | 1.93% | 1.93% | 1.93% | +0.00% |
| May | 2.24% | 2.24% | 2.24% | 2.24% | +0.00% |
| Jun | 2.46% | 2.46% | 2.46% | 2.46% | +0.00% |
| Jul | 2.23% | 2.23% | 2.23% | 2.23% | +0.00% |
| Aug | 2.12% | 2.12% | 2.12% | 2.12% | +0.00% |
| Sep | 2.23% | 2.23% | 2.23% | 2.23% | +0.00% |
| Oct | 2.07% | 2.07% | 2.07% | 2.07% | +0.00% |
| Nov | 2.30% | 2.30% | 2.30% | 2.30% | +0.00% |
| Dec | 2.23% | 2.23% | 2.23% | 2.23% | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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