The gap between corporate bond yields and US Treasuries has narrowed to its lowest in almost 20 years, as investors pile into bets on a “soft landing” for the world’s largest economy.
The spread — or additional borrowing cost — paid by investment-grade companies relative to the US government fell to just 0.83 percentage points this week, the smallest gap since March 2005.
The spread for borrowers in the high-yield or “junk”-rated bond market is now just 2.89 percentage points, according to ICE BofA data — the lowest since mid-2007.
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