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Investors are hedging against a credit market crash at an accelerating pace:
Put option open interest in US large credit ETFs, $HYG, $JNK, $LQD, and $BKLN, is at a record ~11.5 million contracts.
The total number of outstanding contracts on these funds has DOUBLED over the last 12 months.
By comparison, the 2022 bear market high was 10.0 million contracts.
Meanwhile, tech high-yield credit spreads surged to 556 basis points, surpassing the April 2025 highs and reaching the widest level since October 2023.
By comparison, the all sector high-yield spreads stand at 361 basis points, the highest since November 2025.
This means tech junk bonds are now trading at a +195 basis point premium to the rest of the market, the highest in at least 3 years.
The credit market selloff may just be getting started.