9 High Yield Market Update Source: Bloomberg Spread (bps) Historical Average = 553 bps 12/30/90 = 1,096 bps 01/09/09 = 1,683 bps Bear Markets Early '90s = 717 bps 1998-2003 = 752 bps Bull Markets 1980s = 377 bps Mid '90s = 400 bps Bull Market 2004-2007 = 372 bps 10/10/02 = 1,126 bps Historical High Yield Composite Index Spreads
{}