FAS87 ASC715 discount rates and Moody's Rates

[david rigby]

Data as of 02/28/2018

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.84  3.84

Aa 3.97  3.98  3.98

A 4.10  4.12  4.11

Baa 4.45  4.65  4.55

Avg 4.17  4.15  4.16

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs.) 2.32

Medium-Term (5-10 yrs.) 2.70

Long-Term (10+ yrs.) 3.04

[david rigby]

Data as of 03/29/18 (Thursday, market closed on Friday 03/30/18)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.77  3.77

Aa 3.90  3.94  3.92

A 4.07  4.08  4.08

Baa 4.48  4.69  4.59

Avg 4.15  4.12  4.14

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  2.45

Medium-Term (5-10 yrs) 2.66

Long-Term (10+ yrs) 2.90

[david rigby]

Data as of 04/30/18 (Monday)

Moody's Daily Long-term Corporate Bond Yield Averages

  

Utilities Industrial Corporate

Aaa NA 3.95 3.95

Aa 4.01 4.10 4.06

A 4.19 4.24 4.22

Baa 4.63 4.84 4.74

Avg 4.28 4.28 4.28

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.67

Medium-Term (5-10 yrs) 2.87

Long-Term (10+ yrs) 3.04

[david rigby]

Data as of 05/31/2018 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA  3.85 3.85

Aa 3.99 3.99 3.99

A 4.17 4.20 4.19

Baa 4.60 4.84 4.72

Avg 4.25 4.22 4.24

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.59

Medium-Term (5-10 yrs) 2.76

Long-Term (10+ yrs) 2.93

 

 

[david rigby]

Data as of 06/29/2018 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.93  3.93

Aa 4.12 4.09 4.11

A 4.27 4.28 4.28

Baa 4.69 4.98 4.84

Avg 4.36 4.32 4.34

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.66

Medium-Term (5-10 yrs) 2.79

Long-Term (10+ yrs) 2.94

[david rigby]

Data as of July 31, 2018 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.89 3.89

Aa 4.13 4.04 4.09

A 4.31 4.22 4.27

Baa 4.69 4.89 4.79

Avg 4.38 4.26 4.32

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.78

Medium-Term (5-10 yrs) 2.90

Long-Term (10+ yrs) 3.05

[david rigby]

Data as of August 31, 2018 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.91 3.91 

Aa 4.07 4.01 4.04 

A 4.24 4.20 4.22

Baa 4.64 4.91 4.78 

Avg 4.32 4.26 4.29 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.70 

Medium-Term (5-10 yrs) 2.80

Long-Term (10+ yrs) 2.96

[david rigby]

Data as of September 28, 2018 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA  3.99  3.99 

Aa 4.19  4.08  4.14 

A 4.34  4.29  4.32

Baa 4.76  5.03  4.90 

Avg 4.43  4.35  4.39 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.90 

Medium-Term (5-10 yrs) 3.01

Long-Term (10+ yrs) 3.15

 

[david rigby]

Data as of October 31, 2018 (Wednesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.27 4.27

Aa 4.39 4.35 4.37

A 4.51 4.56 4.54

Baa 5.00 5.36 5.18

Avg 4.63 4.64 4.64

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.94

Medium-Term (5-10 yrs) 3.08

Long-Term (10+ yrs) 3.35

[david rigby]

Data as of 11/30/2018 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 4.22 4.22 

Aa 4.45 4.38  4.42 

A 4.53  4.54  4.54

Baa 5.07  5.49  5.28 

Avg 4.68  4.66  4.67

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.83 

Medium-Term (5-10 yrs) 2.94 

Long-Term (10+ yrs) 3.25

[david rigby]

Unable to capture 12/31/18 rates.  Here are 01/02/19 rates:

 

Data as of 01/02/2019 (Wednesday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA 3.95 3.95 

Aa 4.14 4.11  4.13 

A 4.30  4.29  4.30

Baa 4.87  5.35  5.11 

Avg 4.44  4.43  4.44

 

[david rigby]

Data as of 01/31/2019 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.79 3.79

Aa 4.09 3.94 4.02

A 4.27 4.21 4.24

Baa 4.82 5.19 5.01

Avg 4.39 4.28 4.34 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.45

Medium-Term (5-10 yrs) 2.56

Long-Term (10+ yrs) 2.91 

[david rigby]

Data as of 02/28/2019 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.86  3.86 

Aa  4.11  3.99  4.05 

A  4.27 4.29  4.28

Baa  4.76  5.14  4.95 

Avg  4.38  4.32  4.35

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.52 

Medium-Term (5-10 yrs) 2.65 

Long-Term (10+ yrs) 3.01

 

 

Observation:  comparing the Avg line to 12 months prior, the rates are about 20 points higher.  Comparing the Avg line to 6 months prior, the rates are about 6 points higher.

[david rigby]

Data as of 03/29/2019 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.62  3.62 

Aa  3.81  3.70  3.76 

A  3.99  4.01  4.00

Baa  4.49  4.84  4.67 

Avg  4.10  4.04  4.075 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.24 

Medium-Term (5-10 yrs) 2.35 

Long-Term (10+ yrs) 2.73

 

 

Observation:  comparing the Avg line to 12 months prior, current rates are 5-8 points lower.  Comparing the Avg line to 6 months prior, current rates are about 30 points lower.

 

[david rigby]

Data as of 04/30/2019 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.71  3.71 

Aa  3.87  3.78  3.83 

A  4.05  4.05  4.05

Baa  4.49  4.80  4.65

Avg  4.14  4.09  4.12 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.26 

Medium-Term (5-10 yrs) 2.43 

Long-Term (10+ yrs) 2.84

 

 

Observation:  comparing the Avg rates to 12 months prior, current rates are 14-19 points lower.  Comparing the Avg rates to 6 months prior, current rates are 49-55 points lower.

[david rigby]

Data as of 05/31/2019 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.51  3.51 

Aa  3.68  3.59  3.64 

A  3.83  3.89  3.86

Baa  4.33  4.68  4.51

Avg  3.95  3.92  3.94 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.91 

Medium-Term (5-10 yrs) 2.06 

Long-Term (10+ yrs) 2.48

 

 

Observation:  (1) All rates are lower than prior month, some by more than 20 basis points.  (2) Comparing the Avg rates to 12 months prior, current rates are about 30 points lower.  Comparing the Avg rates to 6 months prior, current rates are about 70 points lower.

[david rigby]

Data as of 06/28/2019 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.25  3.25 

Aa  3.52  3.37  3.45 

A  3.72  3.68  3.70

Baa  4.19  4.42  4.31

Avg  3.81  3.68  3.75 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.72 

Medium-Term (5-10 yrs) 1.89 

Long-Term (10+ yrs) 2.41

 

 

Observation:  (1) All rates are lower than prior month.  (2) Comparing the Avg rates to 12 months prior, current rates are about 50 points lower.  Comparing the Avg rates to 6 months prior, current rates are about 50 points lower.

[david rigby]

Data as of 07/31/2019 (Wednesday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.26  3.26 

Aa  3.46  3.28  3.37 

A  3.59  3.65  3.62

Baa  3.93  4.36  4.15

Avg  3.66  3.64  3.65 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.81 

Medium-Term (5-10 yrs) 1.91 

Long-Term (10+ yrs) 2.41

 

 

Observation:  Comparing the Avg rates to 12 months prior, current rates are about 65 points lower.  Comparing the Avg rates to 6 months prior, current rates are about 60 points lower.

[david rigby]

Data as of 08/30/2019 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.85  2.85 

Aa  3.07  2.85  2.96 

A  3.19  3.21  3.20

Baa  3.53  3.99  3.76

Avg  3.26  3.23  3.25 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.40 

Medium-Term (5-10 yrs) 1.44 

Long-Term (10+ yrs) 1.87

 

Observation:  Comparing the Avg rates to 12 months prior, current Bond rates are about 105 points lower.  Comparing the Avg rates to 6 months prior, current Bond rates are about 110 points lower.

[david rigby]

Data as of September 30, 2019 (Monday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa NA  3.01  3.01 

Aa 3.21  2.97  3.09 

A 3.35  3.31  3.33

Baa 3.68  4.07  3.88 

Avg 3.41  3.34  3.38 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.55 

Medium-Term (5-10 yrs) 1.61

Long-Term (10+ yrs) 2.03

 

Observation:  Comparing the Avg rates to 12 months prior, current Bond rates are about 100 points lower.  Comparing the Avg rates to 6 months prior, current Bond rates are about 70 points lower.

[david rigby]

Data as of October 31, 2019 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.99  2.99 

Aa  3.16  2.99  3.08 

A  3.33  3.30  3.32

Baa  3.67  4.06  3.87 

Avg  3.39  3.34  3.37 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  1.50 

Medium-Term (5-10 yrs)  1.59

Long-Term (10+ yrs)  2.09

 

Observation:  Comparing the Avg rates to 12 months prior, current Bond rates are about 120 basis points lower.  Comparing the Avg rates to 6 months prior, current Bond rates are about 75 basis points lower.

[david rigby]

Moody's did not publish results from November 29 (Friday), probably because it was a "short trading" day.  Here are the results for the two prior days:

Data as of November 27, 2019 (Wednesday, day before Thanksgiving Day)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.94  2.94 

Aa  3.16  2.97  3.07 

A  3.35  3.28  3.32

Baa  3.68  4.03  3.86 

Avg  3.40  3.31  3.36 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  1.62 

Medium-Term (5-10 yrs)  1.70

Long-Term (10+ yrs)  2.12

 

 

Data as of November 26, 2019 (Tuesday, two days before Thanksgiving Day)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.95  2.95 

Aa  3.15  2.96  3.06 

A  3.33  3.27  3.30

Baa  3.67  4.02  3.85 

Avg  3.38  3.30  3.34 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  1.58 

Medium-Term (5-10 yrs)  1.66

Long-Term (10+ yrs)  2.10

[david rigby]

Data as of December 31, 2019 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  3.04  3.04 

Aa  3.26  3.02  3.14 

A  3.44  3.36  3.40

Baa  3.76  4.03  3.90

Avg  3.49  3.36  3.43 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  1.61

Medium-Term (5-10 yrs)  1.79

Long-Term (10+ yrs)  2.30

 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 30 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 90-100 points lower.  

[david rigby]

Data as of January 31, 2020 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.82  2.82 

Aa  2.95  2.78  2.87 

A  3.13  3.09  3.11

Baa  3.44  3.84  3.64

Avg  3.17  3.13  3.15 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  1.28

Medium-Term (5-10 yrs)  1.39

Long-Term (10+ yrs)  1.93

 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 50 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 115-120 points lower.  

[david rigby]

Data as of February 28, 2020 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

 

Utilities Industrial Corporate

Aaa  NA  2.70  2.70 

Aa  2.84  2.57  2.71 

A  2.97  2.93  2.95

Baa  3.27  3.75  3.51

Avg  3.03 2.99  3.01 

 

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs)  0.88

Medium-Term (5-10 yrs)  0.99

Long-Term (10+ yrs)  1.57

 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are 20-25 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 130 points lower.