verage level since 2014, spreads again blew out in early October Recent tick up in spreads appears to have been driven by portfolio quality Sovc• Oadrich• dank C.444 --A0 1G 000 — A4:120 strew • IG spread of 147bps is down 77bps from the 224bps YTD peak in mid-February • HY spread of 480bps is d