IG Effective Yield in 2015
IG Effective Yield opened 2015 at 3.18% and closed at 3.68%, a +15.72% move for the year. The high of 3.70% was reached on December 29, and the low of 2.84% on April 17.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 3.18% | 2.91% | 3.18% | 2.88% | -8.49% |
| Feb | 2.90% | 2.98% | 3.16% | 2.90% | +2.76% |
| Mar | 3.04% | 2.94% | 3.14% | 2.91% | -3.29% |
| Apr | 2.89% | 3.01% | 3.01% | 2.84% | +4.15% |
| May | 3.06% | 3.09% | 3.15% | 3.04% | +0.98% |
| Jun | 3.17% | 3.34% | 3.39% | 3.17% | +5.36% |
| Jul | 3.39% | 3.34% | 3.40% | 3.24% | -1.47% |
| Aug | 3.31% | 3.48% | 3.48% | 3.31% | +5.14% |
| Sep | 3.46% | 3.43% | 3.52% | 3.37% | -0.87% |
| Oct | 3.43% | 3.42% | 3.43% | 3.30% | -0.29% |
| Nov | 3.44% | 3.50% | 3.56% | 3.44% | +1.74% |
| Dec | 3.45% | 3.68% | 3.70% | 3.45% | +6.67% |
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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