[Corporate Bonds 'Calm on the Surface, Turbulent Within': Around $1 Trillion Investment-Grade Bond Spreads Deviate from Ratings] According to Bloomberg, global investment-grade corporate credit appears to have extremely low surface volatility, but approximately $1 trillion in high-rated non-financial bonds are trading at spreads significantly higher than their rating range. This includes about $580 billion in the U.S. and nearly $400 billion in Europe, all with maturities of more than three years. While the overall high-grade index spread remains near its lowest level in the past 25 years, there is a clear 'misalignment' within its components: spreads on some single-A bonds have exceeded the BBB curve, and there are even investment-grade bonds trading at spreads higher than certain junk bonds.