Over the last 5 months, spreads surged +298 basis points, surpassing the April 2025 peak of 11.4%.
The increase is comparable to moves during the 2022 bear market and the February-April 2025 correction. If this pace continues, spreads will exceed the 2022 peak of 12.9% this month.
The 2020 pandemic high was 19.6%. Credit stress is rising beneath the surface.
@venture
