HY Effective Yield in 2015
HY Effective Yield opened 2015 at 6.72% and closed at 8.76%, a +30.36% move for the year. The high of 9.06% was reached on December 14, and the low of 5.96% on April 24.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 6.72% | 6.51% | 6.89% | 6.51% | -3.12% |
| Feb | 6.51% | 6.01% | 6.51% | 5.97% | -7.68% |
| Mar | 6.01% | 6.28% | 6.38% | 6.01% | +4.49% |
| Apr | 6.26% | 6.12% | 6.26% | 5.96% | -2.24% |
| May | 6.12% | 6.14% | 6.23% | 6.06% | +0.33% |
| Jun | 6.16% | 6.73% | 6.73% | 6.16% | +9.25% |
| Jul | 6.67% | 6.99% | 7.14% | 6.66% | +4.80% |
| Aug | 7.04% | 7.34% | 7.65% | 7.00% | +4.26% |
| Sep | 7.39% | 8.09% | 8.09% | 7.21% | +9.47% |
| Oct | 8.14% | 7.50% | 8.23% | 7.46% | -7.86% |
| Nov | 7.47% | 8.13% | 8.13% | 7.43% | +8.84% |
| Dec | 8.08% | 8.76% | 9.06% | 8.04% | +8.42% |
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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