BAMLH0A0HYM2High-Yield Credit Spread (OAS) (BAMLH0A0HYM2) — Current Value & Historical Data
High-Yield Credit Spread (OAS) (BAMLH0A0HYM2) Chart & Data Table
Gray bands: NBER recessions·Dashed lines: key policy events
What is High-Yield Credit Spread (OAS) (BAMLH0A0HYM2)?
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 High-Yield Credit Spread (OAS) (BAMLH0A0HYM2) Value
As of July 16, 2026, the current ice bofa us high yield index option-adjusted spread is 2.71 Percent. This is the most recent observation available for this series, updated daily, close.
High-Yield Credit Spread (OAS) Historical Trend
ICE BofA US High Yield Index Option-Adjusted Spread remained flat essentially unchanged year-over-year. In the series' tracked history, the highest recorded value was 4.61 (April 2025), and the lowest was 2.59 (January 2025).
Methodology & Source
Source
ICE BofA / Federal Reserve
Frequency
Daily, Close
Units
Percent
Notes
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...
Frequently Asked Questions About High-Yield Credit Spread (OAS) (BAMLH0A0HYM2)
What is the current ice bofa us high yield index option-adjusted spread?
As of July 16, 2026, ice bofa us high yield index option-adjusted spread stands at 2.71 Percent.
Where does ice bofa us high yield index option-adjusted spread data come from?
ICE BofA US High Yield Index Option-Adjusted Spread data is sourced from the Federal Reserve Economic Data (FRED) system and related U.S. government agencies. Data quality and historical coverage vary by series.
How often is ice bofa us high yield index option-adjusted spread updated?
This series is updated according to its publication schedule. Check FRED or the source agency for the most current release calendar.
What is the historical high and low for ice bofa us high yield index option-adjusted spread?
In the available data, the highest value was 4.61 Percent in April 2025, and the lowest was 2.59 Percent in January 2025.
Related government-spending dashboards
How High-Yield Credit Spread (OAS) connects to the federal budget across GOVSPENDING.ORG:
Federal Debt
Total public debt, debt held by the public, and intragovernmental holdings.
Receipts vs Outlays
Federal revenue, spending, and the resulting surplus or deficit over time.
Congressional Activity
Recent legislation, appropriations, and fiscal-related bills in Congress.
Interest Expense vs Revenue
How rising debt service costs crowd out federal spending as a share of receipts over time.
Revenue Composition
Federal receipts broken down by source — individual income, corporate, social insurance, excise taxes, and customs duties as shares of total revenue.
Agency Spending (FY 2019 vs FY 2024)
Net outlays by federal agency for FY 2019 and FY 2024, from the Treasury Monthly Treasury Statement. Both nominal and inflation-adjusted comparisons.
Related Indicators
Compare High-Yield Credit Spread (OAS) with related indicators
See how High-Yield Credit Spread (OAS) stacks up against related series in a side-by-side chart and explainer: