Since early 2023, US Investment Grade and High Yield credit spreads have compressed steadily, signaling a sustained improvement in perceived credit risk and strong investor risk appetite. The tight co-movement between IG and HY OAS points to supportive macro-financial conditions and ample liquidity as the primary drivers, with episodic spread widenings proving short-lived and quickly retraced.
However, long-dated hyperscaler bonds, despite being among the highest-rated issuers in the market, now consistently price close to or even wider than the significantly lower-rated IG Index, according to Apollo data. This might potentially reprice the market wider.
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New World Invesment Research 
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