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S.B. - Page 54 of 59 <br />Corporate Spreads Spike to Recession Levels <br />Corporate Yield Spreads <br />1-5 Year A -AAA (OAS) <br />700 <br />Recession <br />600 <br />500 <br />4- <br />-S 400 <br />0 <br />a <br />W <br />soM <br />200 167 bps <br />171 bpd <br />100 J%� <br />Spreads peaked at 167 basis points after <br />the 2ooi recession and 63o basis points <br />during thefinancial crisis. <br />248 bps <br />316 bps <br />0 - - <br />1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 <br />Source: Bloomberg and ICE BofAML Corporate 1-5 Year A -AAA Index, as of 3/24/20. Recession period derive from the National Bureau of Economic Research <br />(NBER) based recession indicators. <br />© PFM <br />wt <br />63 <br />