Market environment
Year-to-date performance, spread, and yield for various fixed income indices
Performance (YTD, %)
1
Spread (bps)
2
Yield to Worst (%)
3
U.S. Aggregate
Emerging Market Debt
U.S. HY Credit
U.S. CMBS
U.S. MBS
U.S. IG Credit
U.S. Treasury
U.S. Bank Loans
U.S. ABS
U.S. Municipals
4.02
4.94
4.57
4.49
4.23
4.17
3.79
3.21
2.93
-0.35
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
205
253
54
7
74
22
-156
720
1100
260
132
373
325
250
315
410
92
36
119
55
-17
220
290
84
37
83
57
-66
MIN
AVG
MAX
1.0
3.5
3.5
1.3
0.9
1.7
0.4
3.6
0.4
3.9
5.7
8.7
11.7
6.5
6.0
6.4
5.1
13.1
6.0
4.5
3.0
5.6
6.6
3.2
3.2
3.7
2.3
6.3
2.6
2.5
4.5
6.3
7.1
4.7
4.9
5.0
4.0
7.7
4.4
4.0
MIN
AVG
MAX
= Current Value
Source: Bloomberg, Principal Fixed Income. Data as of June 30, 2025. 1 Total returns for representative indices. 2 Spread to Treasury. Min, max, and average based on last 10 years. 3 Index yield to worst. Min, max, and average based on last 10 years. Weighted average yield-to-maturity reflected for U.S. Bank Loans. Indices are unmanaged and do not take into account fees, expenses, and transaction costs, and it is not possible to invest in an index.
Market environment
Year-to-date performance, spread, and yield for various fixed income indices
Performance (YTD, %)
1
Spread (bps)
2
Yield to Worst (%)
3
U.S. Aggregate
U.S. Bank Loans
U.S. HY Credit
U.S. ABS
Emerg. Market Debt
U.S. CMBS
U.S. Municipals
U.S. IG Credit
U.S. Treasury
U.S. MBS
Emerg.Market Debt
U.S. HY Credit
U.S. CMBS
U.S. MBS
U.S. IG Credit
U.S. Treasury
U.S. Bank Loans
U.S. ABS
U.S. Municipals
4.02
4.94
4.57
4.49
4.23
4.17
3.79
3.21
2.93
-0.35
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
205
253
54
7
74
22
-156
720
1100
260
132
373
325
250
315
410
92
36
119
55
-17
220
290
84
37
83
57
-66
MIN
AVG
MAX
1.0
3.5
3.5
1.3
0.9
1.7
0.4
3.6
0.4
0.9
5.7
8.7
11.7
6.5
6.0
6.4
5.1
13.1
6.0
4.5
3.0
5.6
6.6
3.2
3.2
3.7
2.3
6.3
2.6
2.6
4.5
6.3
7.1
4.7
4.9
5.0
4.0
7.7
4.4
4.0
MIN
AVG
MAX
Data as of June 30, 2025. Source: Bloomberg, Principal Fixed Income. 1 Total returns for representative indices. 2 Spread to Treasury. Min, max, and average based on last 10 years. 3 Index yield to worst. Min, max, and average based on last 10 years. Weighted average yield-to-maturity reflected for U.S. Bank Loans. Indices are unmanaged and do not take into account fees, expenses, and transaction costs, and it is not possible to invest in an index.
Indices used in order of appearance: Bloomberg U.S. Aggregate Index, S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan 100 Index, Bloomberg U.S. Corp HY 2% Issuer Capped Index, J.P. Morgan EMBI Global Diversified Index, Bloomberg Asset-Backed Securities Index, Bloomberg CMBS ERISA-Eligible Index, Bloomberg U.S. Municipal Bond Index, Bloomberg U.S. Credit Index, Bloomberg U.S. Treasury Index, Bloomberg U.S. MBS Index
= Current Value