US Corporate Bond Yields - Yardeni Research

Market Briefing: US Corporate Bond Yields

Yardeni Research, Inc.

December 12, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Debbie Johnson

480-664-1333 djohnson@

Mali Quintana

480-664-1333 aquintana@

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Table Of Contents Table Of Contents

US Corporate Bond Yields

1-3

December 12, 2022 / US Corporate Bond Yields

Yardeni Research, Inc.



US Corporate Bond Yields

Figure 1.

10

10

CORPORATE BOND YIELDS

(percent, daily)

9

9

8

Corporate Yields

8

Aaa (4.40)

Baa (5.40)

7

Average of Aaa & Baa (4.90)

7

6

6

5

12/12

5

12/12

4

4

3

3



2

2

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Source: Bank of America Merrill Lynch and Haver Analytics.

Figure 2.

20

20

CORPORATE BOND YIELDS

18

(percent)

18

16

Corporate Yields

16

Aaa (4.92)

14

Baa (5.95)

14

Average of Aaa & Baa (5.44)

12

12

10

10

8

8

Dec

6

6

Nov

4

4



2

2

21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 01 06 11 16 21 26

* Moody's seasoned Baa corporate bond yield from 1962 to 1996, then Bank of America Merrill Lynch A-BBB corporate bond yield. Source: Federal Reserve Board.

Page 1 / December 12, 2022 / US Corporate Bond Yields

Yardeni Research, Inc.



US Corporate Bond Yields

Figure 3.

6.0

6.0

BOFA MERRILL LYNCH CORPORATE BOND YIELDS & TEN-YEAR TREASURY YIELD

5.5 (percent)

5.5

5.0

5.0

4.5

4.5

Average of Aaa & Baa Bond Yields

4.0

Minus 10-Year Treasury Yield* (1.4)

4.0

3.5

3.5

3.0

3.0

2.5

2.5

2.0

2.0

1.5

1.5

12/9

1.0

1.0

.5

.5



.0

.0

62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24

* Moody's seasoned Baa corporate bond yield from 1962 to 1996, then Bank of America Merrill Lynch A-BBB corporate bond yield. Source: Federal Reserve Board and Bank of America Merrill Lynch.

Figure 4.

6

6

BOFA MERRILL LYNCH CORPORATE BOND YIELDS & TEN-YEAR TREASURY YIELD

(percent)

5

5

Average of Aaa & Baa Corporate Bond Yields

4

Minus Ten-Year Treasury Yield* (1.5)

4

3

3

2

2

Nov

1

1



0

0

62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24

* Moody's seasoned Baa corporate bond yield from 1962 to 1996, then Bank of America Merrill Lynch A-BBB corporate bond yield. Source: Bank of America Merrill Lynch.

Page 2 / December 12, 2022 / US Corporate Bond Yields

Yardeni Research, Inc.



US Corporate Bond Yields

Figure 5.

20

20

AAA SEASONED CORPORATE BOND YIELDS*

(percent)

18

18

16

16

14

14

12

12

10

10

8

8

6

6

4

12/12 4

2

2



0

0

62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24

* Moody's seasoned Aaa corporate bond yield from 1962 to 1996, then Bank of America Merrill Lynch AAA corporate bond yield. Source: Federal Reserve Board and Bank of America Merrill Lynch.

Figure 6.

20

20

BAA SEASONED CORPORATE BOND YIELDS*

(percent)

18

18

16

16

14

14

12

12

10

10

8

8

6

12/9 6

4

4



2

2

62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24

* Moody's seasoned Baa corporate bond yield from 1962 to 1996, then Bank of America Merrill Lynch BBB corporate bond yield. Source: Federal Reserve Board and Bank of America Merrill Lynch.

Page 3 / December 12, 2022 / US Corporate Bond Yields

Yardeni Research, Inc.



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