BBB Credit Spread in 2019
BBB Credit Spread opened 2019 at 203 bps and closed at 130 bps, a -35.96% move for the year. The high of 206 bps was reached on January 3, and the low of 129 bps on December 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 203 bps | 179 bps | 206 bps | 179 bps | -11.82% |
| Feb | 176 bps | 168 bps | 176 bps | 168 bps | -4.55% |
| Mar | 166 bps | 163 bps | 168 bps | 161 bps | -1.81% |
| Apr | 162 bps | 150 bps | 162 bps | 148 bps | -7.41% |
| May | 150 bps | 171 bps | 171 bps | 150 bps | +14.00% |
| Jun | 173 bps | 157 bps | 173 bps | 156 bps | -9.25% |
| Jul | 155 bps | 147 bps | 155 bps | 146 bps | -5.16% |
| Aug | 151 bps | 162 bps | 167 bps | 151 bps | +7.28% |
| Sep | 162 bps | 156 bps | 163 bps | 152 bps | -3.70% |
| Oct | 156 bps | 150 bps | 161 bps | 145 bps | -3.85% |
| Nov | 148 bps | 144 bps | 148 bps | 142 bps | -2.70% |
| Dec | 143 bps | 130 bps | 145 bps | 129 bps | -9.09% |
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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