Historical Year Data · 2022
HY Credit Spread (OAS) in 2022
HY Credit Spread (OAS) opened 2022 at 305 bps and closed at 481 bps, a +57.70% move for the year. The high of 599 bps was reached on July 5, and the low of 305 bps on January 3.
Open
305 bps
2022-01
Close
481 bps
261 data points
High
599 bps
Jul 5
Low
305 bps
Jan 3
Full Year Change
+57.70%
2021 Change
-21.12%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 305 bps | 363 bps | 363 bps | 305 bps | +19.02% |
| Feb | 351 bps | 377 bps | 393 bps | 344 bps | +7.41% |
| Mar | 389 bps | 343 bps | 421 bps | 333 bps | -11.83% |
| Apr | 340 bps | 397 bps | 397 bps | 327 bps | +16.76% |
| May | 405 bps | 422 bps | 494 bps | 397 bps | +4.20% |
| Jun | 413 bps | 587 bps | 587 bps | 413 bps | +42.13% |
| Jul | 592 bps | 483 bps | 599 bps | 477 bps | -18.41% |
| Aug | 480 bps | 503 bps | 503 bps | 421 bps | +4.79% |
| Sep | 508 bps | 543 bps | 550 bps | 450 bps | +6.89% |
| Oct | 543 bps | 463 bps | 543 bps | 454 bps | -14.73% |
| Nov | 461 bps | 455 bps | 499 bps | 451 bps | -1.30% |
| Dec | 448 bps | 481 bps | 481 bps | 434 bps | +7.37% |
Events During 2022
2022 Fed Rate Hiking Cycle
Stagflation
March–December 2022
The Fed raised rates 425bps in 2022, the fastest hiking cycle since the Volcker era. The 60/40 portfolio posted its worst year since 1937.
2022 UK Mini-Budget & Gilt Crisis
Stagflation
September 23 – October 14, 2022
UK Prime Minister Liz Truss's September 23, 2022 mini-budget triggered a collapse in sterling and gilts. LDI pension strategies faced forced liquidation. The Bank of England intervened to prevent financial instability.
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