High Yield Bond Spread HYSPRD Economic
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What is High Yield Bond Spread?
The high-yield bond spread, often tracked by tickers like HYSPRD, represents the difference in yield between corporate bonds rated below investment grade (junk bonds) and a comparable risk-free benchmark, typically U.S. Treasury bonds. This spread is a crucial gauge of perceived credit risk in the corporate sector. Economists and policymakers monitor high-yield spreads because they offer insight into the financial health of companies and the overall appetite for risk in the market. A widening spread signals increasing investor caution, suggesting a higher probability of defaults among lower-rated companies and potentially indicating economic stress or a coming recession. Conversely, a narrowing spread implies greater investor confidence, lower perceived risk, and often accompanies periods of economic expansion. The calculation is straightforward: it's the yield of the high-yield bond index minus the yield of the benchmark Treasury security of similar maturity. Changes are closely watched for their predictive power regarding economic direction.
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