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Calm Credit Markets Hide a Trillion-Dollar Dislocation Seldom has corporate credit been more tranquil. Bonds worth roughly $1 trillion, however, reveal a different story beneath the surface. When looking at non-financial high-grade securities with more than three years to maturity, the amount of debt trading at spreads abnormally wide for its credit rating has more than doubled since the beginning of the year. This includes nearly $400 billion in Europe and roughly $580 billion in US bonds. Because the wider investment-grade market has hardly changed, the divergence is startling.

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