High Yield Credit (HYG) in 2015
High Yield Credit (HYG) opened 2015 at $89.6 and closed at $80.58, a -10.07% move for the year. The high of $91.87 was reached on February 25, and the low of $78.83 on December 14.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | $89.6 | $90.23 | $90.48 | $88.43 | +0.70% |
| Feb | $90.21 | $91.87 | $91.87 | $90.21 | +1.84% |
| Mar | $91.46 | $90.61 | $91.46 | $89.66 | -0.93% |
| Apr | $90.39 | $90.99 | $91.5 | $90.39 | +0.66% |
| May | $90.79 | $90.91 | $91.08 | $90.37 | +0.13% |
| Jun | $90.66 | $88.8 | $90.66 | $88.38 | -2.05% |
| Jul | $88.42 | $87.97 | $88.93 | $86.88 | -0.51% |
| Aug | $87.41 | $86.24 | $87.46 | $84.76 | -1.34% |
| Sep | $85.58 | $83.29 | $86.53 | $82.77 | -2.68% |
| Oct | $82.36 | $85.57 | $85.83 | $82.36 | +3.90% |
| Nov | $85.44 | $83.05 | $85.53 | $82.77 | -2.80% |
| Dec | $83.24 | $80.58 | $83.24 | $78.83 | -3.20% |
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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