Indicator notes

High-yield bond market stress on November 28, 2025: 33.4 out of 100, in the “Low pressure” zone. The previous reading, on November 27, 2025, was 24.5 (“Calm”): the indicator rose by 8.9 points and crossed the 25 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. The indicator spent a single trading day in the “Calm” zone. Biggest component moves: “Price lag behind the market” at 22.0 versus 8.2 and “Yield spread over government bonds” at 44.7 versus 40.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 27, 2025: 24.5 out of 100, in the “Calm” zone. The previous reading, on November 26, 2025, was 28.6 (“Low pressure”): the indicator fell by 4.1 points and crossed the 25 boundary. The “Calm” zone covers readings from 0 to 25: there is almost no sign of stress in the high-yield bond market. Before that the indicator had stayed in the “Low pressure” zone for 7 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 40.8 versus 48.1 and “Price lag behind the market” at 8.2 versus 9.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 18, 2025: 26.9 out of 100, in the “Low pressure” zone. The previous reading, on November 17, 2025, was 50.2 (“Moderate pressure”): the indicator fell sharply by 23.3 points and crossed the 45 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. Before that the indicator had stayed in the “Moderate pressure” zone for 2 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 46.4 versus 94.6 and “Price lag behind the market” at 7.4 versus 5.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 14, 2025: 48.0 out of 100, in the “Moderate pressure” zone. The previous reading, on November 13, 2025, was 35.3 (“Low pressure”): the indicator rose sharply by 12.7 points and crossed the 45 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. The indicator spent a single trading day in the “Low pressure” zone. Biggest component moves: “Yield spread over government bonds” at 91.6 versus 63.8 and “Price lag behind the market” at 4.5 versus 6.7. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 13, 2025: 35.3 out of 100, in the “Low pressure” zone. The previous reading, on November 12, 2025, was 50.3 (“Moderate pressure”): the indicator fell sharply by 15.0 points and crossed the 45 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. Before that the indicator had stayed in the “Moderate pressure” zone for 4 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 63.8 versus 95.3 and “Price lag behind the market” at 6.7 versus 5.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 7, 2025: 48.3 out of 100, in the “Moderate pressure” zone. The previous reading, on November 6, 2025, was 40.9 (“Low pressure”): the indicator rose by 7.4 points and crossed the 45 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. The indicator spent a single trading day in the “Low pressure” zone. Biggest component moves: “Yield spread over government bonds” at 93.0 versus 78.4 and “Price lag behind the market” at 3.7 versus 3.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 6, 2025: 40.9 out of 100, in the “Low pressure” zone. The previous reading, on November 5, 2025, was 51.7 (“Moderate pressure”): the indicator fell sharply by 10.8 points and crossed the 45 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. Before that the indicator had stayed in the “Moderate pressure” zone for 2 trading days in a row. The component that moved most: “Yield spread over government bonds” at 78.4 versus 99.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 3, 2025: 52.2 out of 100, in the “Moderate pressure” zone. The previous reading, on November 1, 2025, was 56.4 (“High pressure”): the indicator fell by 4.2 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. The indicator spent a single trading day in the “High pressure” zone. Biggest component moves: “Price lag behind the market” at 4.5 versus 15.6 and “Yield spread over government bonds” at 99.9 versus 97.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on November 1, 2025: 56.4 out of 100, in the “High pressure” zone. The previous reading, on October 31, 2025, was 50.0 (“Moderate pressure”): the indicator rose by 6.4 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Moderate pressure” zone for 5 trading days in a row. Biggest component moves: “Price lag behind the market” at 15.6 versus 3.7 and “Yield spread over government bonds” at 97.3 versus 96.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on October 27, 2025: 48.2 out of 100, in the “Moderate pressure” zone. The previous reading, on October 24, 2025, was 42.7 (“Low pressure”): the indicator rose by 5.5 points and crossed the 45 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Before that the indicator had stayed in the “Low pressure” zone for 16 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 89.7 versus 79.7 and “Price lag behind the market” at 6.6 versus 5.7. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on October 3, 2025: 26.6 out of 100, in the “Low pressure” zone. The previous reading, on October 2, 2025, was 24.6 (“Calm”): the indicator rose by 2.0 points and crossed the 25 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. The indicator spent a single trading day in the “Calm” zone. Biggest component moves: “Yield spread over government bonds” at 52.1 versus 48.7 and “Price lag behind the market” at 1.1 versus 0.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on October 2, 2025: 24.6 out of 100, in the “Calm” zone. The previous reading, on October 1, 2025, was 26.1 (“Low pressure”): the indicator fell slightly by 1.5 points and crossed the 25 boundary. The “Calm” zone covers readings from 0 to 25: there is almost no sign of stress in the high-yield bond market. Before that the indicator had stayed in the “Low pressure” zone for 8 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 48.7 versus 52.0 and “Price lag behind the market” at 0.5 versus 0.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 22, 2025: 28.3 out of 100, in the “Low pressure” zone. The previous reading, on September 19, 2025, was 23.4 (“Calm”): the indicator rose by 4.9 points and crossed the 25 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. The indicator spent a single trading day in the “Calm” zone. Biggest component moves: “Yield spread over government bonds” at 51.3 versus 46.0 and “Price lag behind the market” at 5.3 versus 0.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 19, 2025: 23.4 out of 100, in the “Calm” zone. The previous reading, on September 18, 2025, was 26.2 (“Low pressure”): the indicator fell by 2.8 points and crossed the 25 boundary. The “Calm” zone covers readings from 0 to 25: there is almost no sign of stress in the high-yield bond market. Before that the indicator had stayed in the “Low pressure” zone for 5 trading days in a row. Biggest component moves: “Price lag behind the market” at 0.8 versus 5.5 and “Yield spread over government bonds” at 46.0 versus 47.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 12, 2025: 34.8 out of 100, in the “Low pressure” zone. The previous reading, on September 11, 2025, was 51.0 (“Moderate pressure”): the indicator fell sharply by 16.2 points and crossed the 45 boundary. The “Low pressure” zone covers readings from 25 to 45: stress in the high-yield bond market is weaker than usual. The indicator spent a single trading day in the “Moderate pressure” zone. Biggest component moves: “Price lag behind the market” at 22.6 versus 54.6 and “Yield spread over government bonds” at 46.9 versus 47.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 11, 2025: 51.0 out of 100, in the “Moderate pressure” zone. The previous reading, on September 10, 2025, was 56.6 (“High pressure”): the indicator fell by 5.6 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Before that the indicator had stayed in the “High pressure” zone for 2 trading days in a row. Biggest component moves: “Price lag behind the market” at 54.6 versus 65.8 and “Yield spread over government bonds” at 47.4 versus 47.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 9, 2025: 57.8 out of 100, in the “High pressure” zone. The previous reading, on September 8, 2025, was 51.0 (“Moderate pressure”): the indicator rose by 6.8 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Moderate pressure” zone for 3 trading days in a row. Biggest component moves: “Price lag behind the market” at 67.8 versus 53.5 and “Yield spread over government bonds” at 47.9 versus 48.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 4, 2025: 49.1 out of 100, in the “Moderate pressure” zone. The previous reading, on September 3, 2025, was 58.8 (“High pressure”): the indicator fell by 9.7 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. The indicator spent a single trading day in the “High pressure” zone. The component that moved most: “Price lag behind the market” at 46.1 versus 65.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 3, 2025: 58.8 out of 100, in the “High pressure” zone. The previous reading, on September 2, 2025, was 47.9 (“Moderate pressure”): the indicator rose sharply by 10.9 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Moderate pressure” zone. Biggest component moves: “Price lag behind the market” at 65.6 versus 45.6 and “Yield spread over government bonds” at 52.1 versus 50.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on September 2, 2025: 47.9 out of 100, in the “Moderate pressure” zone. The previous reading, on September 1, 2025, was 60.9 (“High pressure”): the indicator fell sharply by 13.0 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Before that the indicator had stayed in the “High pressure” zone for 10 trading days in a row. Biggest component moves: “Price lag behind the market” at 45.6 versus 70.5 and “Yield spread over government bonds” at 50.1 versus 51.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on August 19, 2025: 73.1 out of 100, in the “High pressure” zone. The previous reading, on August 18, 2025, was 75.8 (“Extreme pressure”): the indicator fell by 2.7 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 6 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 54.2 versus 58.2 and “Price lag behind the market” at 92.1 versus 93.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on August 11, 2025: 77.0 out of 100, in the “Extreme pressure” zone. The previous reading, on August 8, 2025, was 73.9 (“High pressure”): the indicator rose by 3.1 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 15 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 59.4 versus 55.3 and “Price lag behind the market” at 94.6 versus 92.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on July 21, 2025: 74.4 out of 100, in the “High pressure” zone. The previous reading, on July 18, 2025, was 75.5 (“Extreme pressure”): the indicator fell slightly by 1.1 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 24 trading days in a row. Biggest component moves: “Price lag behind the market” at 87.6 versus 89.6 and “Yield spread over government bonds” at 61.2 versus 61.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 17, 2025: 80.5 out of 100, in the “Extreme pressure” zone. The previous reading, on June 16, 2025, was 74.5 (“High pressure”): the indicator rose by 6.0 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 6 trading days in a row. Biggest component moves: “Price lag behind the market” at 86.6 versus 73.4 and “Yield spread over government bonds” at 74.4 versus 75.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 6, 2025: 73.8 out of 100, in the “High pressure” zone. The previous reading, on June 5, 2025, was 77.7 (“Extreme pressure”): the indicator fell by 3.9 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 6 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 70.7 versus 75.3 and “Price lag behind the market” at 76.9 versus 80.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 29, 2025: 75.6 out of 100, in the “Extreme pressure” zone. The previous reading, on May 28, 2025, was 73.5 (“High pressure”): the indicator rose by 2.1 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. The indicator spent a single trading day in the “High pressure” zone. The component that moved most: “Price lag behind the market” at 77.0 versus 72.7. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 28, 2025: 73.5 out of 100, in the “High pressure” zone. The previous reading, on May 27, 2025, was 75.8 (“Extreme pressure”): the indicator fell by 2.3 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 3 trading days in a row. Biggest component moves: “Price lag behind the market” at 72.7 versus 75.7 and “Yield spread over government bonds” at 74.3 versus 75.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 23, 2025: 75.7 out of 100, in the “Extreme pressure” zone. The previous reading, on May 22, 2025, was 74.1 (“High pressure”): the indicator rose slightly by 1.6 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 18 trading days in a row. Biggest component moves: “Price lag behind the market” at 76.4 versus 74.4 and “Yield spread over government bonds” at 75.1 versus 73.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.