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Weekly Market Summary

Mar. 27 to Mar. 31, 2023

View Current Performance

Extra Credit*

  • Compared to a year ago, high-yield bonds sit at more attractive levels when it comes to price and yield. Twelve months ago, high-yield bonds traded at an average price of $97.04 with a yield of 6.01%. Today, high-yield bonds are trading at an average price of $87.55 with a yield of 8.75%.
  • This time last year, short-term investment grade corporate bonds were yielding 2.88% vs. 5.33% today, an 85% increase.
  • During the last Fed rate-cutting period, the average bank-loan price rose to $94 due, in part, to the difficulties in the energy sector in 4Q18. Currently, the average bank-loan price is $92.57.
  • The trailing 12-month default rate for high-yield bonds and bank loans finished February at 2.12% and 2.26%, respectively, well below their long-term respective averages of 3.2% and 3.1%.

Sources: Bloomberg data as of 3/31/23. *Yield to worst as of 3/31/23

Yield as of:
Mar. 31, 2023
High-Yield Bonds
Investment-Grade Corporates
Last Week
Prior Week
Start of the Year
Option Adjusted Spread as of:
Mar. 31, 2023
High-Yield Bonds
Investment-Grade Corporates
Last Week
455 bps
559 bps
129 bps
Prior Week
516 bps
582 bps
138 bps
Start of the Year
469 bps
592 bps
121 bps
Prices as of:
Mar. 31, 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. The red and green arrows depicted under Yields, Option Adjusted Spreads, and Prices indicate a higher or lower value from the previous week.

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.

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