Corporate Bond Market Distress Index

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Corporate Bond Market Distress Index (CMDI)

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August 2025 Update

The end-of-month market-level CMDI remains stable around its historical 20th percentile.

Both the investment-grade and the high-yield CMDI sectors are slightly changed this month. The investment-grade CMDI is at its 18th percentile, and the high-yield CMDI is at its historical 11th percentile.

Latest Update August 22, 2025

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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