Growing Divergence Across High Yield Spreads

  • High yield Option Adjusted Spreads (OAS) stayed near historical lows in H1 2026
  • Stagflation fears drove demand for higher quality
  • U.S. BB OAS tightened 10 bps since Dec-25
  • U.S. CCC OAS re-widened 100 bps since Dec-25
  • CCC bonds offer ~6.4% extra yield over BBs, a 14-month high

Read in-depth insights in our Fixed Income Credit Markets – June 2026