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Exacerbating the pain, corporate default spreads rose during the course of 2022: While default spreads rose across ratings classes, the rise was much more pronounced for the lowest ratings classes, part of a bigger story about risk capital that spilled across markets and asset classes. trillion in the first six months of 2023, 97.2%
While I was working on my last two data updates for 2025, I got sidetracked, as I am wont to do, by two events. The first is that if markets are efficient, the price to book ratios will reflect the quality of these companies. Even with this very simplistic example, there are useful implications.
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