Moody's Baa Corporate Yield in 2015
Moody's Baa Corporate Yield opened 2015 at 4.45% and closed at 5.46%, a +22.70% move for the year. The high of 5.46% was reached on November 1, and the low of 4.45% on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 4.45% | 4.45% | 4.45% | 4.45% | +0.00% |
| Feb | 4.51% | 4.51% | 4.51% | 4.51% | +0.00% |
| Mar | 4.54% | 4.54% | 4.54% | 4.54% | +0.00% |
| Apr | 4.48% | 4.48% | 4.48% | 4.48% | +0.00% |
| May | 4.89% | 4.89% | 4.89% | 4.89% | +0.00% |
| Jun | 5.13% | 5.13% | 5.13% | 5.13% | +0.00% |
| Jul | 5.20% | 5.20% | 5.20% | 5.20% | +0.00% |
| Aug | 5.19% | 5.19% | 5.19% | 5.19% | +0.00% |
| Sep | 5.34% | 5.34% | 5.34% | 5.34% | +0.00% |
| Oct | 5.34% | 5.34% | 5.34% | 5.34% | +0.00% |
| Nov | 5.46% | 5.46% | 5.46% | 5.46% | +0.00% |
| Dec | 5.46% | 5.46% | 5.46% | 5.46% | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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