Historical Year Data · 2023
IG Credit Spread (OAS) in 2023
IG Credit Spread (OAS) opened 2023 at 140 bps and closed at 104 bps, a -25.71% move for the year. The high of 164 bps was reached on March 15, and the low of 104 bps on December 14.
Open
140 bps
2023-01
Close
104 bps
260 data points
High
164 bps
Mar 15
Low
104 bps
Dec 14
Full Year Change
-25.71%
2022 Change
+42.27%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 140 bps | 125 bps | 140 bps | 125 bps | -10.71% |
| Feb | 125 bps | 130 bps | 130 bps | 120 bps | +4.00% |
| Mar | 129 bps | 145 bps | 164 bps | 124 bps | +12.40% |
| Apr | 143 bps | 141 bps | 146 bps | 137 bps | -1.40% |
| May | 140 bps | 142 bps | 151 bps | 140 bps | +1.43% |
| Jun | 142 bps | 130 bps | 142 bps | 130 bps | -8.45% |
| Jul | 129 bps | 119 bps | 129 bps | 119 bps | -7.75% |
| Aug | 119 bps | 122 bps | 127 bps | 119 bps | +2.52% |
| Sep | 122 bps | 125 bps | 125 bps | 119 bps | +2.46% |
| Oct | 126 bps | 132 bps | 133 bps | 126 bps | +4.76% |
| Nov | 133 bps | 111 bps | 133 bps | 111 bps | -16.54% |
| Dec | 111 bps | 104 bps | 112 bps | 104 bps | -6.31% |
Events During 2023
2023 Silicon Valley Bank Collapse
Mixed
March 2023
Silicon Valley Bank collapsed on March 10, 2023, the second-largest bank failure in US history. The Fed's response redefined liquidity backstops for the banking system.
2023 Credit Suisse Forced Merger
Mixed
March 15-19, 2023
Credit Suisse was forced into an emergency acquisition by UBS over the weekend of March 18-19, 2023. The deal wiped out AT1 bondholders while preserving some equity, reshaping bank capital structure risk assessment globally.
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