"CCC junk spreads went from 10.75% on 22 september to 12.02% on 2 october, about 127bp, and the CCC index yields around 17% now. BBB spreads moved 9bp over the same days, 0.95% to 1.04%. so the bottom of the credit market widened about 14x as much as the top.

the fed's hike is landing almost entirely on the weakest borrowers, and investment grade barely noticed. that's the market hyperscalers and the big AI issuers fund themselves in, so their bond deals keep clearing cheap while the companies that were already struggling pay for the hike" - Haircut