**US high-yield credit market stress is rising sharply**, with spreads for **CCC-rated and lower corporate bonds** up to **12.0%**, their widest level since **November 2022**.

Over the **last 5 months**, spreads surged **+298 basis points**, surpassing the **April 2025** peak of **11.4%**.

The increase is comparable to moves during the **2022** bear market and the **February-April 2025** correction. If this pace continues, spreads will exceed the **2022** peak of **12.9%** **this month**.

The **2020** pandemic high was **19.6%**. **Credit stress is rising beneath the surface**.

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