Login / Register
Contact Us
View Performance
Fixed Income
U.S. Equity
International & Global Equity
Chart Library
Market & Economic Commentary
Fund Literature
Prospectuses & Reports
Fact Sheets
Client Guides
Fund Literature
Advisor Resources
Advisor Materials
View Resources
Tax Information
Corporate Credit Highlights
Glossary of Terms

Weekly Market Summary

Feb. 6 to Feb. 10, 2023

View Current Performance

Extra Credit*

• Despite the relative upturn to start the year, January was the slowest start for the high-yield primary market in four years at $20.6 billion. The peak for the month remains at $51.9 billion (Jan ’21).

• In January, 35% of the new high-yield bond supply came with BB ratings, while a further 25.2% of the supply straddled the BB/B divide. Single-B bonds represented 34.2% of prints, while CCC paper accounted for just 2.8%.

• Current probabilities for the fed funds rate upper limit per CME FedWatch to finish at either 5.25% or 5.75% post May FOMC meeting, so either two 0.25% or two 0.50% hikes in the Fed’s benchmark rate stand at 74.2% or 4.9%.

• The trailing 12-month default rate for high yield bonds and bank loans finished 2022 at 1.83% and 1.82%, well below their long-term average of 3.2% and 3.1%.

Yield as of:
Feb. 10, 2023
High-Yield Bonds
Investment-Grade Corporates
Last Week
Prior Week
Start of the Year
Option Adjusted Spread as of:
Feb. 10, 2023
High-Yield Bonds
Investment-Grade Corporates
Last Week
414 bps
525 bps
111 bps
Prior Week
385 bps
530 bps
108 bps
Start of the Year
469 bps
592 bps
121 bps
Prices as of:
Feb. 10, 2023
High-Yield Bonds
Investment-Grade Corporates
Last Week
Prior Week
Start of the Year

*Source: Morningstar®, Bloomberg, Credit Suisse. OAS is Options Adjusted Spread. 4-year discount margin is used for spread for bank loans. Yield quoted is yield-to-worst or equivalent calculation. YTD Low / High for yields are based on end of week and not intraday movements. Indexes and sub-indexes: Investment-grade corporates represented by Bloomberg US Corporate Bond Index. High-yield bonds represented by Bloomberg US Corporate High Yield Index. Bank loans represented by Credit Suisse Leverage Loan Index.

Past performance does not guarantee future results. Index performance is not indicative of fund performance. Indexes are unmanaged and it is not possible to invest directly in an index.

Investors should consider a fund’s investment goal, risks, charges, and expenses carefully before investing. The prospectus and/or the applicable summary prospectus contain this and other information about the Fund and are available from AristotleFunds.com. The prospectus and/or summary prospectus should be read carefully before investing.

Investing involves risk. Principal loss is possible.

Foreside Financial Services, LLC, distributor.

Scroll horizontally to view tables
Please Upgrade Your Browser.

Unfortunately, Internet Explorer is an outdated browser and we do not support it. To have the best browsing experience, please upgrade to Google Chrome, Firefox or Safari.