er 60-80% of the time. Figure 5: Spread percentile rank — Current vs. YE 2013 and 2014 Wide Spread EUR Non-Fin HY B (13yrs) USD Fin Sen (17yrs) EUR Non-Fin HY CCC (13yrs) GBP Fin Sen (17yrs) EUR Non-Fin HY BB (13yrs) EUR Non-Fin BBB (16yrs) GBP Non-Fin BBB (17yrs) USD Non-Fin A (17yrs) GBP Fin Sub (17yrs)