IG Credit Spread (OAS) in 2019
IG Credit Spread (OAS) opened 2019 at 160 bps and closed at 101 bps, a -36.88% move for the year. The high of 163 bps was reached on January 3, and the low of 100 bps on December 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 160 bps | 138 bps | 163 bps | 138 bps | -13.75% |
| Feb | 136 bps | 129 bps | 136 bps | 129 bps | -5.15% |
| Mar | 128 bps | 127 bps | 129 bps | 125 bps | -0.78% |
| Apr | 125 bps | 117 bps | 125 bps | 116 bps | -6.40% |
| May | 117 bps | 135 bps | 135 bps | 117 bps | +15.38% |
| Jun | 136 bps | 122 bps | 136 bps | 122 bps | -10.29% |
| Jul | 121 bps | 114 bps | 121 bps | 113 bps | -5.79% |
| Aug | 117 bps | 126 bps | 131 bps | 117 bps | +7.69% |
| Sep | 126 bps | 122 bps | 127 bps | 119 bps | -3.17% |
| Oct | 122 bps | 117 bps | 126 bps | 113 bps | -4.10% |
| Nov | 116 bps | 111 bps | 116 bps | 111 bps | -4.31% |
| Dec | 111 bps | 101 bps | 113 bps | 100 bps | -9.01% |
Events During 2019
Hong Kong's 2019 protests over an extradition bill and Beijing's 2020 National Security Law reshaped the territory's role as Asia's financial hub. Capital outflows, reduced multinational presence, and regulatory divergence from the West had durable effects on regional finance.
Overnight repo rates spiked from 2% to 10% on September 17, 2019, forcing the Fed to intervene with its first open market operations since 2008. The episode revealed structural strains in US money markets that persisted into 2020.
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