1476170 -10.4 -3.1 -11.1 -10.4 Figure 10: Credit spreads and rates bps -2.00 -1.75 -1.50 -1.25 -1.00 -0.75 -0.50 -0.25 0.00 0.25 3m Beta of Corp Spreads to lOy Rising yields HG bps HY -2.00 -1.75 -1.50 -1.25 -1.00 -0.75 -0.50 -0.25 0.00 0.25 Source: Factset, ML index, Deutsche Bank Rese