Credit desk · daily stamp
A spread is not a peak
HY OAS 3.34%. HY−IG +2.43 pp. CCC 13.11%. C&I delinquency 1.27%. ICE BofA via FRED, not Bloomberg CRDT. A spread is not a peak.
Now
Public cousins · not the terminal brand
What credit is doing
HY OAS 3.34%. HY−IG +2.43 pp. CCC 13.11%. C&I delinquency 1.27%. ICE BofA via FRED, not Bloomberg CRDT. A spread is not a peak.
High yield
BAMLH0A0HYM2 · USREC bands
Junk OAS, the stress photograph
HY OAS 3.34%. Full-sample percentile 84. Tight prints as hot on Tonight. Klarman’s sleeve.
HY OAS
+0.6
3.34%
ICE BofA
Percentile
84
since 1996
HYG
77.35
iShares HY ETF
Window · HY OAS · NBER winters shaded · 10Y · 2016-11-12 → 2026-11-12
Investment grade
BAMLC0A0CM
IG OAS, the quiet sleeve
IG OAS 0.91%. HYG / LQD 74.4. LQD is the IG ETF cousin, not a CDX.
IG OAS
+0.1
0.91%
ICE BofA
LQD
103.96
iShares IG ETF
HYG / LQD
+1.7
74.4
price ratio × 100
Window · IG OAS · 10Y · 2016-11-12 → 2026-11-12
Window · HYG / LQD · 10Y · 2016-11-12 → 2026-11-12
Quality ladder
BB · BBB · CCC · BAA−AAA
Compression is the crowding photograph
CCC 13.11%, BB 2.00%, BBB 1.13%. Moody’s BAA−AAA 0.47 pp. Marks sits here.
CCC
+3.6
13.11%
ICE BofA
BB
+0.3
2.00%
BAMLH0A1HYBB
BBB
+0.2
1.13%
BAMLC0A4CBBB
BAA−AAA
-0.2
0.47 pp
Moody’s
Window · BB, BBB, CCC · 10Y · 2016-11-12 → 2026-11-12
Window · Moody’s BAA minus AAA · 10Y · 2016-11-12 → 2026-11-12
HY minus IG
OAS minus OAS · not CDX
The credit curve, not the index
HY−IG +2.43 pp. Tonight’s credit curve is this gap. CDX is licensed.
HY−IG
+0.5
+2.43 pp
OAS gap
HY
3.34%
BAMLH0A0HYM2
IG
0.91%
BAMLC0A0CM
Window · HY OAS minus IG OAS · 10Y · 2016-11-12 → 2026-11-12
Bank loans
BKLN vs HYG · not LCDX
Floating loans versus cash HY
BKLN / HYG 26.6. Three-month +3.6%. LCDX is licensed. Fuse still has private credit.
BKLN / HYG
+0.7
26.6
price ratio × 100
3-month
+3.6%
ratio change
BKLN
20.55
Invesco senior loan
Window · BKLN / HYG · 10Y · 2016-11-12 → 2026-11-12
Regionals
KRE vs SPY
The bank sleeve, not a CDS
KRE / SPY 9.6. Three-month -5.7%. 2023 was this ratio. Not a bank CDS.
KRE / SPY
-0.5
9.6
price ratio × 100
3-month
-5.7%
ratio change
KRE
72.95
SPDR regionals
Window · KRE / SPY · 10Y · 2016-11-12 → 2026-11-12
EM dollar credit
EMB vs HYG
Sovereign dollar bonds versus US junk
EMB / HYG 119.0. EMB is the dollar-sovereign ETF. CDX EM is licensed.
EMB / HYG
+1.8
119.0
price ratio × 100
EMB
92.07
iShares EM USD
HYG
77.35
US HY
Window · EMB / HYG · 10Y · 2016-11-12 → 2026-11-12
Delinquency
DRBLACBS · DRCCLACBS · DRSFRMACBS
FFIEC, not Moody’s DRD
C&I 1.27%, cards 2.85%, single-family 1.86%. Quarterly. Moody’s DRD is licensed.
C&I
-2.0
1.27%
DRBLACBS
Cards
-1.7
2.85%
DRCCLACBS
Mortgage
-8.8
1.86%
DRSFRMACBS
Window · C&I, cards, single-family · 10Y · 2016-11-12 → 2026-11-12
FRED ICE BofA OAS: BAMLH0A0HYM2 (HY), BAMLC0A0CM (IG), BAMLH0A3HYC (CCC), BAMLH0A1HYBB (BB), BAMLC0A4CBBB (BBB). Moody’s BAA, AAA. FFIEC DRBLACBS / DRCCLACBS / DRSFRMACBS delinquency. USREC. Yahoo HYG, LQD, BKLN, KRE, SPY, EMB weekly. HY−IG is OAS minus OAS, not CDX. BKLN vs HYG is the loan cousin; LCDX is licensed. Not Moody’s DRD. Not Bloomberg CRDT. A peak is not called. · tape date 12 Nov 2026 · COMPILED JUST NOW