Both emerging market yields and global corporate yields are the lowest they have been since 2007.Emerging market spreads among 3-5 year B-rated credit (fully within speculative grade range) fell below 600 bps in Q3 2016. Spread were as high as 2,200 bps in the worst part of the financial crisis and have been gradually falling since outside of an uptick during the Greek debt crisis gained steam in late-2011 and into 2012. They are currently at 522 bps. Corporate B2 debt spreads are also the lowest since late-2007 and with gradually increasing prices over the past year as oil has recovered and there’s been a renewed sense of optimism on the state of the US economy.