Corporate yields and spreads have for some time been compressed by the post-crisis provision of central bank liquidity, and the trend shift is leading to modestly wider spreads now, as we would expect. Importantly, though, these effects are not uniform across the market—debt issued by companies most exposed to international trade actions is underperforming other sectors.
Specifically, since 2/5  BIS central bankers' speeches  the start of the year, the spread on debt issued by basic materials and industrial companies has widened two to three times as much as that on the debt of technology companies.