While prices in most other asset classes rose last week, corporate credit spreads in the investment-grade market were unchanged. In the high-yield market, credit spreads widened modestly. The average spread of the Morningstar Corporate Bond Index (our proxy for the investment-grade bond market) ended the week where it began at +101. In the high-yield market, the average credit spread of the BofA Merrill Lynch High Yield Master Index widened 8 basis points to +360. After seeing the lowest credit spread levels since before the 2008-09 credit crisis, it appears that many investors are unwilling to drive credit spreads even tighter.