Corporate Bond Market Distress Index

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Corporate Bond Market Distress Index (CMDI)

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April 2025 Update

The end-of-month market-level CMDI has increased and is just below its historical 45th percentile.

This reflects an increase in the CMDI for both the investment-grade and the high-yield sectors, with the investment-grade CMDI just below its historical 30th percentile and the high-yield CMDI just below its historical 70th percentile.

Latest Update

SELECT SERIES AND DATE RANGES

Market

Investment grade (IG)

High yield (HY)

From:

To:

Select as-of date for historical percentile cutoffs:

Sources: FINRA Trade Reporting and Compliance Engine (TRACE); Mergent Fixed Income Securities Database (FISD); ICE; authors’ calculations.
Notes: The shaded areas indicate periods designated recessions by the National Bureau of Economic Research. The right y-axis shows the market index reading as a percentile of the CMDI distribution as of a specified date (select a week ending on Friday, above right).

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