CORPORATE DEBT MARKET


CORPORATE DEBT OUTSTANDING AND ISSUANCE

Corporate Debt Outstanding: $9.3 trillion (Q1 2019) - up 1.6% from year-end 2018. Growth in debt outstanding slowed during 2018 and 2019.

Corporate Debt Issuance: $1.278 trillion issued in LTM - down 18% and now below 2012 levels, but remained historically sizeable.


CORPORATE BOND SPREADS

Aaa Corporate Bonds: Spreads relatively stable and below average since 2000.

Baa Corporate Bonds: Spreads have been rising, but remain slightly below average since 2000.


CORPORATE BOND YIELD CURVE

YoY Change in Corporate Yield Curve: The corporate yield curve has dropped and flattened from one year ago.

Risk Premiums: The risk premium on a 10-year corporate bond remains ~45 bps less than the ~160 bps average since 2000.


YIELD CURVE MATURITY SEGMENT TRENDS

1-year Corporate Bond Yields

2-year Corporate Bond Yields

3-year Corporate Bond Yields

5-year Corporate Bond Yields

7-year Corporate Bond Yields

10-year Corporate Bond Yields