CreditICE BofA IndicesDaily

HYG-Equivalent OAS (ICE BofA H0A0)

What is HYG-Equivalent OAS (ICE BofA H0A0)?

The ICE BofA US High Yield Index Option-Adjusted Spread (ticker H0A0) is the widely cited benchmark for U.S. junk-bond risk premium, expressed in basis points over Treasuries.

Why it matters

H0A0 OAS is the daily real-time read on credit market stress. Sub-300 bp is complacency; 600+ bp signals recession pricing. It leads HYG (the iShares HY ETF) and historically leads the S&P 500 in major drawdowns.

How to read prints

When it rises

Credit stress rising; risk-off, equity drawdown risk elevated.

When it falls

Credit stress easing; risk-on, supportive for equities.

Frequently asked

What is H0A0?⌄
The ICE BofA US High Yield Master II Index, the most widely cited benchmark for U.S. high-yield (BB and below) corporate bond pricing.
What does OAS mean?⌄
Option-Adjusted Spread: the spread over the Treasury curve after stripping out the value of embedded options (calls, puts). Makes spreads across bonds comparable.
What levels are normal?⌄
Tight: <300 bp. Normal: 300-500 bp. Stressed: 500-700 bp. Recession pricing: >700 bp. Crisis: >1000 bp (2008 peak ~2000 bp).
How is H0A0 different from HYG ETF spreads?⌄
H0A0 is the underlying index spread, calculated daily by ICE. HYG (iShares iBoxx HY) tracks a slightly different index (HYG underlying is the iBoxx USD Liquid High Yield Index). Spreads move together but levels differ slightly.

Track it on Market Ontology

Monitor HYG-Equivalent OAS (ICE BofA H0A0) in real time on Credit Spread Dashboard, alongside regime classification, transmission mapping, and cross-asset context.

SourceICE BofA Indices
FrequencyDaily
CategoryCredit
FRED SeriesBAMLH0A0HYM2
Unitbp
Related ModuleCredit Spread Dashboard

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