Historical Year Data · 2025

CCC & Lower HY OAS in 2025

CCC & Lower HY OAS opened 2025 at 739 bps and closed at 885 bps, a +19.76% move for the year. The high of 1137 bps was reached on April 7, and the low of 690 bps on January 23.

Open

739 bps

2025-01

885 bps

261 data points

High

1137 bps

Apr 7

Low

690 bps

Jan 23

Full Year Change

+19.76%

2024 Change

-19.35%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	739 bps	699 bps	739 bps	690 bps	-5.41%
Feb	712 bps	760 bps	760 bps	706 bps	+6.74%
Mar	769 bps	928 bps	928 bps	769 bps	+20.68%
Apr	925 bps	1000 bps	1137 bps	925 bps	+8.11%
May	976 bps	913 bps	976 bps	865 bps	-6.45%
Jun	922 bps	886 bps	930 bps	886 bps	-3.90%
Jul	876 bps	824 bps	876 bps	824 bps	-5.94%
Aug	867 bps	798 bps	867 bps	783 bps	-7.96%
Sep	798 bps	807 bps	814 bps	790 bps	+1.13%
Oct	810 bps	865 bps	874 bps	804 bps	+6.79%
Nov	885 bps	894 bps	922 bps	885 bps	+1.02%
Dec	897 bps	885 bps	897 bps	868 bps	-1.34%

Events During 2025

2025 US Tariff Shock

Stagflation

February – April 2025

The Trump administration imposed reciprocal tariffs averaging 25% on most trading partners in February-April 2025. Markets priced the most aggressive trade policy shift since 1930, with ripple effects across currencies, bond yields, and supply chains.

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