Option-Adjusted Spread (OAS) is a crucial metric used in active management of fixed income portfolios to provide insights into the yield difference between a bond and a risk-free benchmark ...
For instance, the ICE BofA US Corporate Index Option-Adjusted Spread measures investment-grade bonds, which are rated a ...
In the past, when US equity indices were at all-time highs and high-yield option-adjusted spreads were close to all-time tights, distressed players had little to do. But it may be different this time.
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