ZeroPay tracks high-yield spreads and yields, scores refinancing risk across leveraged issuers, maps the maturity wall, and links credit to equity volatility and rates. Every number traces back to a named FRED series or the issuer capital-structure master, so nothing is a black box.
US High Yield option-adjusted spread over the last three years, with the quality curve from investment grade down to CCC. The index is tight, but the spread between the riskiest and safest junk is doing the work.
The full leveraged universe with a composite refinancing-risk score. Search by name or ticker, filter by risk band or sector, sort any column, and open any row for the capital structure, maturity ladder and score breakdown.
| Issuer▾ | Rating▾ | Net Lev▾ | Near-Term▾ | Refi Gap▾ | Liq Cover▾ | Refi Score▾ | Band▾ |
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Aggregate maturities across the covered issuers, year by year. The wall is front-loaded into 2027–2029, the window where today's tight spreads matter most, because that is when this debt reprices at whatever the market is then.
Change-on-change correlations across spreads, equity volatility and rates, with the sensitivity of high-yield spreads to each factor. Computed from the same monthly history shown above, where darker means a tighter relationship.
A one-point rise in the VIX has historically moved HY spreads several basis points wider over this window. The CCC tail and the broad index move almost in lockstep; rates are a looser link.
Each issuer is scored on four weighted inputs: net leverage (30%), near-term maturity share due 2026–2028 (30%), the refi cost gap between where its bucket prices today and its existing weighted coupon (25%), and liquidity cover of cash against the near-term wall (15%). Bucket spreads come from the live BB / B / CCC OAS series; capital-structure figures come from the issuer master. Bands: Elevated ≥ 65, Watch 45–64, Contained < 45.