Historical Year Data · 2025

HY Credit Spread (OAS) in 2025

HY Credit Spread (OAS) opened 2025 at 288 bps and closed at 281 bps, a -2.43% move for the year. The high of 461 bps was reached on April 7, and the low of 259 bps on January 22.

Open

288 bps

2025-01

281 bps

261 data points

High

461 bps

Apr 7

Low

259 bps

Jan 22

Full Year Change

-2.43%

2024 Change

-17.51%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	288 bps	268 bps	288 bps	259 bps	-6.94%
Feb	273 bps	287 bps	287 bps	262 bps	+5.13%
Mar	294 bps	355 bps	355 bps	288 bps	+20.75%
Apr	350 bps	394 bps	461 bps	342 bps	+12.57%
May	378 bps	332 bps	378 bps	309 bps	-12.17%
Jun	327 bps	296 bps	327 bps	296 bps	-9.48%
Jul	291 bps	286 bps	300 bps	280 bps	-1.72%
Aug	313 bps	284 bps	313 bps	275 bps	-9.27%
Sep	284 bps	280 bps	292 bps	269 bps	-1.41%
Oct	281 bps	294 bps	318 bps	276 bps	+4.63%
Nov	304 bps	292 bps	320 bps	292 bps	-3.95%
Dec	294 bps	281 bps	299 bps	281 bps	-4.42%

Events During 2025

2025 US Tariff Shock

Stagflation

February – April 2025

The Trump administration imposed reciprocal tariffs averaging 25% on most trading partners in February-April 2025. Markets priced the most aggressive trade policy shift since 1930, with ripple effects across currencies, bond yields, and supply chains.

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