AAA Credit Spread in 2015
AAA Credit Spread opened 2015 at 65 bps and closed at 75 bps, a +15.38% move for the year. The high of 90 bps was reached on August 24, and the low of 61 bps on February 20.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 65 bps | 66 bps | 68 bps | 65 bps | +1.54% |
| Feb | 66 bps | 66 bps | 66 bps | 61 bps | +0.00% |
| Mar | 66 bps | 69 bps | 71 bps | 64 bps | +4.55% |
| Apr | 69 bps | 69 bps | 69 bps | 66 bps | +0.00% |
| May | 69 bps | 75 bps | 75 bps | 69 bps | +8.70% |
| Jun | 74 bps | 79 bps | 79 bps | 74 bps | +6.76% |
| Jul | 78 bps | 84 bps | 84 bps | 78 bps | +7.69% |
| Aug | 85 bps | 88 bps | 90 bps | 85 bps | +3.53% |
| Sep | 89 bps | 87 bps | 89 bps | 83 bps | -2.25% |
| Oct | 87 bps | 80 bps | 87 bps | 77 bps | -8.05% |
| Nov | 79 bps | 76 bps | 79 bps | 74 bps | -3.80% |
| Dec | 75 bps | 75 bps | 79 bps | 74 bps | +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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