The Credit And Currency Implosion In 14 Charts

There isn’t much commentary needed here, as the prices and yields indicate everything relevant and important. I would only add that seeing August 24, October 15 and now the change (in acceleration) in December all add up to something different than the FOMC’s whatever influence. There is no monetary policy reason for the August 24 global liquidations to show up in not just oil and credit, but the ruble, rupee and other currencies.

In any case, starting from whatever it was that blew apart in triple CCC, events (selloff = illiquidity + shift in risks) are accelerating and spreading.

ABOOK Dec 2015 Spreading BofAML CCCABOOK Dec 2015 Spreading BofAML Master IIABOOK Dec 2015 Spreading HYGABOOK Dec 2015 Spreading SPLSTA Lev Loan 100ABOOK Dec 2015 Spreading RUBABOOK Dec 2015 Spreading INRABOOK Dec 2015 Spreading CHFABOOK Dec 2015 Spreading JPYABOOK Dec 2015 Spreading BofAML CCC 2008ABOOK Dec 2015 Spreading SPLSTA Lev Loan 100 2008

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