SLOOS: Banks Increasing C&I Spreads (Large/Mid) in 2015
SLOOS: Banks Increasing C&I Spreads (Large/Mid) opened 2015 at -35.60% and closed at -20.60%, a +42.13% move for the year. The high of -20.60% was reached on October 1, and the low of -42.90% on July 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -35.60% | -35.60% | -35.60% | -35.60% | +0.00% |
| Apr | -40.00% | -40.00% | -40.00% | -40.00% | +0.00% |
| Jul | -42.90% | -42.90% | -42.90% | -42.90% | +0.00% |
| Oct | -20.60% | -20.60% | -20.60% | -20.60% | +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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