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. 2021 Apr 21;133:106153. doi: 10.1016/j.jbankfin.2021.106153

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Fig. 1 — Credit Spreads, the S&P 500 Index, and Bond Illiquidity Measures: December 2019 to June 2020. The top panel plots the ICE BofA option-adjusted credit spreads on corporate bonds and the S&P 500 index. The Wuhan lockdown is on January 23, 2020; the Italy lockdown is on February 23; and the Fed’s QE announcements are on March 23 and April 9. The bottom panel plots the bond market illiquidity measures, including the bid-ask spreads and dollar transaction volume for the average bond.