Historical Year Data · 2023
HY Credit Spread (OAS) in 2023
HY Credit Spread (OAS) opened 2023 at 470 bps and closed at 339 bps, a -27.87% move for the year. The high of 522 bps was reached on March 24, and the low of 332 bps on December 28.
Open
470 bps
2023-01
Close
339 bps
260 data points
High
522 bps
Mar 24
Low
332 bps
Dec 28
Full Year Change
-27.87%
2022 Change
+57.70%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 470 bps | 430 bps | 470 bps | 419 bps | -8.51% |
| Feb | 431 bps | 422 bps | 449 bps | 394 bps | -2.09% |
| Mar | 417 bps | 458 bps | 522 bps | 397 bps | +9.83% |
| Apr | 458 bps | 453 bps | 484 bps | 437 bps | -1.09% |
| May | 445 bps | 469 bps | 495 bps | 445 bps | +5.39% |
| Jun | 465 bps | 405 bps | 465 bps | 405 bps | -12.90% |
| Jul | 399 bps | 379 bps | 413 bps | 378 bps | -5.01% |
| Aug | 382 bps | 385 bps | 402 bps | 379 bps | +0.79% |
| Sep | 381 bps | 403 bps | 409 bps | 377 bps | +5.77% |
| Oct | 411 bps | 442 bps | 453 bps | 411 bps | +7.54% |
| Nov | 447 bps | 384 bps | 447 bps | 380 bps | -14.09% |
| Dec | 387 bps | 339 bps | 387 bps | 332 bps | -12.40% |
Events During 2023
2023 Silicon Valley Bank Collapse
Mixed
March 2023
Silicon Valley Bank collapsed on March 10, 2023, the second-largest bank failure in US history. The Fed's response redefined liquidity backstops for the banking system.
2023 Credit Suisse Forced Merger
Mixed
March 15-19, 2023
Credit Suisse was forced into an emergency acquisition by UBS over the weekend of March 18-19, 2023. The deal wiped out AT1 bondholders while preserving some equity, reshaping bank capital structure risk assessment globally.
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