Bonds — Credit Spreads & Term Premium
ICE BofA OAS by maturity and rating, EM corporate spreads, Moody's quality spread, ACM term premium — all from FRED.
Investment-Grade OAS by Maturity
ICE BofA Corp OAS — maturity buckets
Option-adjusted spread in basis points. Wider = more credit risk premium demanded.
Latest maturity-bucket OAS
As of most recent business day
High-Yield OAS by Sub-Rating
ICE BofA HY OAS — BB / B / CCC
Higher spread for lower-rated HY issuers. CCC spreads compress / blow-out most in cycles.
Latest HY sub-rating OAS
BB / B / CCC current spread
Emerging Market & Moody's Quality Spreads
ICE BofA EM Corporate OAS
EM Corp (IG + HY blended) vs EM HY only. Wider gaps signal EM-specific stress.
Moody's quality spread (Baa − Aaa) & Baa–10Y spread
Baa yield minus Aaa yield (quality spread). Baa–10Y measures corporate risk over Treasuries.
ACM Term Premium (NY Fed)
ACM term premium — 2Y / 5Y / 10Y
NY Fed Adrian-Crump-Moench model. Negative = investors accept below-fair yield (e.g. QE periods).
Latest term premium readings
As of most recent available date
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