IG Credit Spread (OAS) in 2015
IG Credit Spread (OAS) opened 2015 at 145 bps and closed at 173 bps, a +19.31% move for the year. The high of 180 bps was reached on October 2, and the low of 129 bps on March 6.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 145 bps | 153 bps | 153 bps | 145 bps | +5.52% |
| Feb | 153 bps | 132 bps | 153 bps | 132 bps | -13.73% |
| Mar | 131 bps | 136 bps | 138 bps | 129 bps | +3.82% |
| Apr | 137 bps | 134 bps | 137 bps | 131 bps | -2.19% |
| May | 133 bps | 138 bps | 138 bps | 132 bps | +3.76% |
| Jun | 138 bps | 148 bps | 148 bps | 138 bps | +7.25% |
| Jul | 146 bps | 158 bps | 158 bps | 146 bps | +8.22% |
| Aug | 158 bps | 169 bps | 172 bps | 158 bps | +6.96% |
| Sep | 170 bps | 178 bps | 178 bps | 166 bps | +4.71% |
| Oct | 179 bps | 166 bps | 180 bps | 165 bps | -7.26% |
| Nov | 165 bps | 162 bps | 165 bps | 161 bps | -1.82% |
| Dec | 162 bps | 173 bps | 175 bps | 162 bps | +6.79% |
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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