Credit Spreads Are Widening
Bloomberg’s Global Corporate Credit Index (measure of aggregate bond spreads) have jumped to 129 basis points, the widest over the risk free rate since May 2025 (when they were recovering from the liberation day spike).
Perhaps not unrelated, Bloomberg is reporting that OpenAI’s valuation in its latest funding round is being trimmed to $1.25 trillion from $1.40 trillion.
Still that represents a nearly 50% increase from the $852 billion in its March funding round.
