Indicator notes

High-yield bond market stress on August 20, 2026: 88.1 out of 100, in the “Extreme pressure” zone. The previous reading, on August 19, 2026, was 64.9 (“High pressure”): the indicator rose sharply by 23.2 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 4 trading days in a row. Biggest component moves: “Price lag behind the market” at 77.5 versus 30.7 and “Yield spread over government bonds” at 98.7 versus 99.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on August 14, 2026: 63.9 out of 100, in the “High pressure” zone. The previous reading, on August 13, 2026, was 19.4 (“Calm”): the indicator rose sharply by 44.5 points and crossed the 25, 45 and 55 boundaries. 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 “Calm” zone for 8 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 99.3 versus 20.8 and “Price lag behind the market” at 28.5 versus 18.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on August 4, 2026: 23.6 out of 100, in the “Calm” zone. The previous reading, on August 3, 2026, was 28.3 (“Low pressure”): the indicator fell by 4.7 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 10 trading days in a row. Biggest component moves: “Price lag behind the market” at 17.4 versus 22.7 and “Yield spread over government bonds” at 29.8 versus 33.8. 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, 2026: 40.8 out of 100, in the “Low pressure” zone. The previous reading, on July 20, 2026, was 56.2 (“High pressure”): the indicator fell sharply by 15.4 points and crossed the 55 and 45 boundaries. 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 “High pressure” zone for 2 trading days in a row. Biggest component moves: “Price lag behind the market” at 20.1 versus 39.1 and “Yield spread over government bonds” at 61.4 versus 73.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on July 17, 2026: 59.4 out of 100, in the “High pressure” zone. The previous reading, on July 16, 2026, was 52.1 (“Moderate pressure”): the indicator rose by 7.3 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 11 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 66.1 versus 49.9 and “Price lag behind the market” at 52.7 versus 54.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on July 2, 2026: 53.8 out of 100, in the “Moderate pressure” zone. The previous reading, on July 1, 2026, was 55.6 (“High pressure”): the indicator fell slightly by 1.8 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 3 trading days in a row. Biggest component moves: “Price lag behind the market” at 57.5 versus 61.7 and “Yield spread over government bonds” at 50.0 versus 49.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 30, 2026: 58.5 out of 100, in the “High pressure” zone. The previous reading, on June 29, 2026, was 71.4: the indicator fell sharply by 12.9 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 2 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 53.3 versus 74.7 and “Price lag behind the market” at 63.8 versus 68.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 29, 2026: 71.4 out of 100, in the “High pressure” zone. The previous reading, on June 26, 2026, was 82.8 (“Extreme pressure”): the indicator fell sharply by 11.4 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. The indicator spent a single trading day in the “Extreme pressure” zone. Biggest component moves: “Yield spread over government bonds” at 74.7 versus 99.5 and “Price lag behind the market” at 68.2 versus 66.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 26, 2026: 82.8 out of 100, in the “Extreme pressure” zone. The previous reading, on June 25, 2026, was 59.6 (“High pressure”): the indicator rose sharply by 23.2 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. Biggest component moves: “Yield spread over government bonds” at 99.5 versus 51.4 and “Price lag behind the market” at 66.1 versus 67.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 25, 2026: 59.6 out of 100, in the “High pressure” zone. The previous reading, on June 24, 2026, was 54.8 (“Moderate pressure”): the indicator rose by 4.8 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. The indicator spent a single trading day in the “Moderate pressure” zone. Biggest component moves: “Price lag behind the market” at 67.9 versus 62.6 and “Yield spread over government bonds” at 51.4 versus 46.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 24, 2026: 54.8 out of 100, in the “Moderate pressure” zone. The previous reading, on June 23, 2026, was 56.3 (“High pressure”): the indicator fell slightly by 1.5 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: “Yield spread over government bonds” at 46.9 versus 52.8 and “Price lag behind the market” at 62.6 versus 59.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 23, 2026: 56.3 out of 100, in the “High pressure” zone. The previous reading, on June 22, 2026, was 50.1 (“Moderate pressure”): the indicator rose by 6.2 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: “Yield spread over government bonds” at 52.8 versus 35.6 and “Price lag behind the market” at 59.8 versus 64.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 22, 2026: 50.1 out of 100, in the “Moderate pressure” zone. The previous reading, on June 19, 2026, was 44.7 (“Low pressure”): the indicator rose by 5.4 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: “Price lag behind the market” at 64.5 versus 58.0 and “Yield spread over government bonds” at 35.6 versus 31.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 19, 2026: 44.7 out of 100, in the “Low pressure” zone. The previous reading, on June 18, 2026, was 48.7 (“Moderate pressure”): the indicator fell by 4.0 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 13 trading days in a row. Biggest component moves: “Price lag behind the market” at 58.0 versus 62.9 and “Yield spread over government bonds” at 31.4 versus 34.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 1, 2026: 47.8 out of 100, in the “Moderate pressure” zone. The previous reading, on May 29, 2026, was 69.4 (“High pressure”): the indicator fell sharply by 21.6 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 4 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 39.8 versus 87.4 and “Price lag behind the market” at 55.9 versus 51.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 26, 2026: 55.0 out of 100, in the “High pressure” zone. The previous reading, on May 25, 2026, was 48.4 (“Moderate pressure”): the indicator rose by 6.6 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 6 trading days in a row. Biggest component moves: “Price lag behind the market” at 49.6 versus 42.5 and “Yield spread over government bonds” at 60.4 versus 54.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 18, 2026: 46.8 out of 100, in the “Moderate pressure” zone. The previous reading, on May 15, 2026, was 44.1 (“Low pressure”): the indicator rose by 2.7 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 44.2 versus 39.9 and “Price lag behind the market” at 49.4 versus 48.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 15, 2026: 44.1 out of 100, in the “Low pressure” zone. The previous reading, on May 14, 2026, was 46.2 (“Moderate pressure”): the indicator fell by 2.1 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: “Price lag behind the market” at 48.4 versus 50.6 and “Yield spread over government bonds” at 39.9 versus 41.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 13, 2026: 51.1 out of 100, in the “Moderate pressure” zone. The previous reading, on May 12, 2026, was 56.2 (“High pressure”): the indicator fell by 5.1 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 4 trading days in a row. Biggest component moves: “Price lag behind the market” at 54.7 versus 61.8 and “Yield spread over government bonds” at 47.5 versus 50.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 7, 2026: 55.8 out of 100, in the “High pressure” zone. The previous reading, on May 6, 2026, was 52.7 (“Moderate pressure”): the indicator rose by 3.1 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 8 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 47.3 versus 44.1 and “Price lag behind the market” at 64.3 versus 61.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 24, 2026: 52.8 out of 100, in the “Moderate pressure” zone. The previous reading, on April 23, 2026, was 57.9 (“High pressure”): the indicator fell by 5.1 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 4 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 43.8 versus 49.5 and “Price lag behind the market” at 61.8 versus 66.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 20, 2026: 55.9 out of 100, in the “High pressure” zone. The previous reading, on April 17, 2026, was 52.3 (“Moderate pressure”): the indicator rose by 3.6 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: “Yield spread over government bonds” at 48.6 versus 44.7 and “Price lag behind the market” at 63.2 versus 59.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 17, 2026: 52.3 out of 100, in the “Moderate pressure” zone. The previous reading, on April 16, 2026, was 43.6 (“Low pressure”): the indicator rose by 8.7 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. Before that the indicator had stayed in the “Low pressure” zone for 26 trading days in a row. Biggest component moves: “Price lag behind the market” at 59.9 versus 46.1 and “Yield spread over government bonds” at 44.7 versus 41.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 12, 2026: 40.8 out of 100, in the “Low pressure” zone. The previous reading, on March 11, 2026, was 54.2 (“Moderate pressure”): the indicator fell sharply by 13.4 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 37.4 versus 64.8 and “Yield spread over government bonds” at 44.1 versus 43.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 11, 2026: 54.2 out of 100, in the “Moderate pressure” zone. The previous reading, on March 10, 2026, was 67.9 (“High pressure”): the indicator fell sharply by 13.7 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. Before that the indicator had stayed in the “High pressure” zone for 7 trading days in a row. Biggest component moves: “Price lag behind the market” at 64.8 versus 92.7 and “Yield spread over government bonds” at 43.6 versus 43.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 2, 2026: 71.0 out of 100, in the “High pressure” zone. The previous reading, on February 27, 2026, was 75.9 (“Extreme pressure”): the indicator fell by 4.9 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 12 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 45.1 versus 55.7 and “Price lag behind the market” at 96.9 versus 96.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on February 11, 2026: 76.7 out of 100, in the “Extreme pressure” zone. The previous reading, on February 10, 2026, was 74.9 (“High pressure”): the indicator rose slightly by 1.8 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 21 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 58.1 versus 55.6 and “Price lag behind the market” at 95.3 versus 94.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on February 5, 2026: 71.8 out of 100, in the “High pressure” zone. The previous reading, on February 4, 2026, was 61.4: the indicator rose sharply by 10.4 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 18 trading days in a row in this zone. Biggest component moves: “Price lag behind the market” at 91.8 versus 74.4 and “Yield spread over government bonds” at 51.9 versus 48.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on January 13, 2026: 65.1 out of 100, in the “High pressure” zone. The previous reading, on January 12, 2026, was 75.2 (“Extreme pressure”): the indicator fell sharply by 10.1 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 22 trading days in a row. Biggest component moves: “Price lag behind the market” at 75.9 versus 94.1 and “Yield spread over government bonds” at 54.4 versus 56.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on December 17, 2025: 80.6 out of 100, in the “Extreme pressure” zone. The previous reading, on December 16, 2025, was 92.6: the indicator fell sharply by 12.0 points. That meets our shift threshold of 10 points; the zone did not change. 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 has now spent 8 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 63.0 versus 89.2 and “Price lag behind the market” at 98.1 versus 96.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.