CONVEX

Credit & Financial Stress

Credit spreads, financial stress indexes, and default risk indicators. Monitor high-yield spreads, the TED spread, and systemic risk gauges in real time.

Credit markets are often the first to signal trouble. Widening high-yield spreads and rising financial stress indexes have historically led equity drawdowns by weeks or months. Tracking these gauges helps identify when risk appetite is contracting and defensive positioning is warranted.

Data as of · 24 metrics with live data

HY Credit Spread (OAS)

daily
276 bps

ICE BofA High Yield Option-Adjusted Spread, the market's price of default risk.

IG Credit Spread (OAS)

daily
76 bps

ICE BofA Investment Grade OAS, credit stress in high-quality corporate bonds.

HY Effective Yield

daily
6.91%

HY corporate bond effective yield, total return required by junk bond investors.

IG Effective Yield

daily
5.15%

IG corporate bond effective yield, cost of investment-grade corporate borrowing.

BBB Credit Spread

daily
95 bps

BBB-rated corporate bond OAS, the lowest rung of investment grade.

AAA Credit Spread

daily
35 bps

AAA-rated corporate bond OAS, flight-to-quality indicator.

Aaa-10Y Treasury Spread

daily
1.05%

Moody's Aaa corporate minus 10Y Treasury, credit risk premium for top-rated corporates.

Baa-10Y Treasury Spread

daily
1.62%

Moody's Baa minus 10Y Treasury, a wider measure of corporate credit risk.

Financial Conditions (NFCI)

weekly
-0.52

Chicago Fed National Financial Conditions Index, positive = tighter than average.

Adjusted NFCI

weekly
-0.48

NFCI adjusted for prevailing economic conditions, isolates financial stress from the cycle.

Financial Stress Index (StL)

weekly
-0.76

St. Louis Fed Financial Stress Index, below zero = below-average stress.

SLOOS: C&I Loan Tightening

quarterly
8.10%

Senior Loan Officer Survey, net % of banks tightening standards on C&I loans.

SLOOS: Credit Card Tightening

quarterly
2.00%

Net % of banks tightening credit card lending standards.

Credit Card Delinquency Rate

quarterly
2.94%

Delinquency rate on credit card loans, consumer stress indicator.

Moody's Aaa Corporate Yield

daily
5.42%

Moody's seasoned Aaa corporate bond yield, the deepest historical US investment-grade series.

Moody's Baa Corporate Yield

daily
6.03%

Moody's seasoned Baa corporate bond yield, the classic lowest-rung investment-grade benchmark.

AA Corporate OAS

daily
48 bps

ICE BofA AA-rated corporate option-adjusted spread, the tightest rung of true investment-grade credit.

A Corporate OAS

daily
63 bps

ICE BofA single-A corporate OAS, the core of the investment-grade index by market weight.

7-10Y Corporate OAS

daily
89 bps

ICE BofA 7 to 10 year corporate OAS, tenor-matched duration component of the IG complex.

BB HY OAS

daily
166 bps

ICE BofA BB-rated high-yield OAS, the highest-quality junk bond tier.

Single-B HY OAS

daily
304 bps

ICE BofA single-B high-yield OAS, the mid-tier junk bond cohort.

CCC & Lower HY OAS

daily
922 bps

ICE BofA CCC & lower HY OAS, the distressed end of credit that spikes hardest in crises.

High Yield Credit (HYG)

daily
$79.46

iShares iBoxx High Yield Corporate Bond ETF.

IG Credit (LQD)

daily
$107.86

iShares iBoxx Investment Grade Corporate Bond ETF.

Other Categories

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Data sourced from FRED, CoinGecko, CBOE, CFTC, and EIA. Updated at varying frequencies. This page is for informational purposes only and does not constitute financial advice.