$1 trillion in investment-grade bonds trade above rating-based spreads
AI Summary- Global investment-grade credit contains roughly $1 trillion of non-financial bonds trading above rating-based spreads.
- The exposure includes about $580 billion in U.S. bonds and nearly $400 billion in European bonds.
- High-grade index spreads remain near 25-year lows, while some single-A bonds exceed BBB spreads.