Table 11.

Reaction of Other Credit Instruments.

		March 23, 2020			April 9, 2020
		Pre	Post	Change	Pre	Post	Change
Corporate bonds	IG	438	379	−60	281	221	−60
	HY	1101	1116	16	915	790	−125
CDX.IG	3 year	128	89	−39	97	72	−25
	5 year	152	108	−44	105	84	−21
	7 year	163	119	−44	118	102	−16
	10 year	172	132	−41	124	111	−14
CDX.HY	3 year	760	782	22	708	612	−96
	5 year	866	723	−143	625	555	−70
	7 year	849	849	0	737	648	−89
	10 year	847	842	−5	703	614	−88
Leveraged Loan Index		1,826	1,795	−31	2,089	2,138	49

The table reports the changes in corporate credit spreads, CDS spreads, and leveraged loan index around the March 23 and April 9 corporate QE announcements. CDS spreads are for CDX.NA.IG and CDX.NA.HY indices and expressed in bps, while Leveraged Loan Index is an index value (i.e. generally, a higher value corresponds to lower credit spreads).