BBB Credit Spread in 2015
BBB Credit Spread opened 2015 at 199 bps and closed at 241 bps, a +21.11% move for the year. The high of 243 bps was reached on December 21, and the low of 175 bps on March 6.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 199 bps | 213 bps | 213 bps | 199 bps | +7.04% |
| Feb | 212 bps | 180 bps | 212 bps | 180 bps | -15.09% |
| Mar | 178 bps | 182 bps | 188 bps | 175 bps | +2.25% |
| Apr | 183 bps | 179 bps | 183 bps | 176 bps | -2.19% |
| May | 178 bps | 183 bps | 183 bps | 176 bps | +2.81% |
| Jun | 183 bps | 193 bps | 193 bps | 182 bps | +5.46% |
| Jul | 191 bps | 207 bps | 207 bps | 191 bps | +8.38% |
| Aug | 208 bps | 224 bps | 229 bps | 208 bps | +7.69% |
| Sep | 225 bps | 240 bps | 240 bps | 220 bps | +6.67% |
| Oct | 241 bps | 223 bps | 242 bps | 223 bps | -7.47% |
| Nov | 222 bps | 222 bps | 224 bps | 217 bps | +0.00% |
| Dec | 223 bps | 241 bps | 243 bps | 223 bps | +8.07% |
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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