BAMLH0A0HYM2ICE BofA US High Yield Index Option-Adjusted Spread — Current Value & Historical Data
What is ICE BofA US High Yield Index Option-Adjusted Spread?
The ICE BofA U.S. High Yield Index option-adjusted spread (OAS) is the yield premium that below-investment-grade U.S. corporate bonds pay over comparable-duration Treasuries, calculated daily by ICE Data Indices and expressed in basis points. It is the single cleanest credit-risk gauge in U.S. fixed income: when the HY OAS widens, investors are demanding more compensation to lend to speculative-grade issuers, usually because default expectations are rising or liquidity is thinning; when it compresses, credit conditions are loosening. Banks use it to size loan-loss provisions, asset managers use it as a timing signal for HY vs. investment-grade rotation, and the Fed monitors it as part of its financial conditions framework. The spread blew out to a record 19.88 percentage points on December 16, 2008 at the peak of the Lehman-era credit freeze, spiked again to 10.87 points on March 23, 2020 during the COVID-19 liquidity shock, and compressed below 3 percentage points in early 2024 as the post-pandemic default cycle failed to materialize.
Current ICE BofA US High Yield Index Option-Adjusted Spread Value
As of April 16, 2026, the current ice bofa us high yield index option-adjusted spread is 2.86 Percent. This is the most recent observation available for this series, updated daily, close.
Historical Trend
ICE BofA US High Yield Index Option-Adjusted Spread rose 0.35% year-over-year. In the series' tracked history, the highest recorded value was 4.95 (May 2023), and the lowest was 2.59 (January 2025).
Methodology & Source
Source: ICE BofA / Federal Reserve
Frequency: Daily, Close
Units: Percent
Starting in April 2026, this series will only include 3 years of observations. For more data, go to the source. The ICE BofA Option-Adjusted Spreads (OASs) are the calculated spreads between a computed OAS index of all bonds in a given rating category and a spot Treasury curve. An OAS index is cons...