FAS87 ASC715 discount rates and Moody's Rates

[david rigby]

Data as of March 31, 2020 (Tuesday)                    First month-end after beginning of Coved-19 pandemic/isolation
Moody's Daily Long-term Corporate Bond Yield Averages

        Utilities  Industrial  Corporate
Aaa  NA  2.73  2.73
Aa  3.35  2.82  3.09
A  3.69  3.37  3.53
Baa  4.39  4.86  4.63
Avg  3.81  3.45  3.63

Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.34
Medium-Term (5-10 yrs)  0.53
Long-Term (10+ yrs)  1.2

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are 10-40 points higher.  (2) Comparing the Avg rates to 12 months prior, current rates are about 25-30 points lower.  

[david rigby]

Data as of April 30, 2020 (Thursday)             second month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 
 
    Utilities    Industrial    Corporate
Aaa  NA  2.38  2.38
Aa  2.71  2.43  2.57
A  2.95  2.97  2.96
Baa  3.50  4.24  3.87
Avg  3.05  3.01  3.03
  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.28
Medium-Term (5-10 yrs)  0.47 
Long-Term (10+ yrs)  1.14
Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are 30-35 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 110 points lower.  

[david rigby]

Data as of May 29, 2020 (Friday)             third month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.41  2.41
Aa  2.83  2.47  2.65
A  3.11  3.03  3.07
Baa  3.47  4.05  3.76
Avg  3.14  2.99  3.07
  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.23
Medium-Term (5-10 yrs)  0.46 
Long-Term (10+ yrs)  1.25
 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are 150-160 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 110-120 points lower.  

[david rigby]

Data as of June 30, 2020 (Tuesday)             fourht month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.34  2.34
Aa  2.77  2.42  2.60
A  3.00  2.90  2.95
Baa  3.38  3.80  3.59
Avg  3.05  2.87  3.96
  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.21
Medium-Term (5-10 yrs)  0.45 
Long-Term (10+ yrs)  1.25
 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 45 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 75 points lower.  

[david rigby]

Data as of July 31, 2020 (Friday)             fifth month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.03  2.03
Aa  2.30  2.05  2.18
A  2.56  2.48  2.52
Baa  2.93  3.36  3.15

Avg  2.60  2.48  2.54

  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.14
Medium-Term (5-10 yrs)  0.35 
Long-Term (10+ yrs)  1.04

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 60 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 110 points lower.  

[david rigby]

Data as of August 31, 2020 (Monday)             sixth month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.42  2.42
Aa  2.63  2.40  2.52
A  2.86  2.76  2.81
Baa  3.18  3.59  3.39

Avg  2.89  2.79  2.84

  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.22
Medium-Term (5-10 yrs)  0.46 
Long-Term (10+ yrs)  1.28

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 15-20 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 40 points lower.  

[david rigby]

Data as of Sept 30, 2020 (Monday)             seventh month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.32  2.32
Aa  2.68  2.36  2.52
A  2.91  2.79  2.85
Baa  3.25  3.62  3.44

Avg  2.95  2.77  2.86

  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.21
Medium-Term (5-10 yrs)  0.44 
Long-Term (10+ yrs)  1.26

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 65-80 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 50 points lower.  

[david rigby]

Data as of October 31, 2020 (Friday)                    Eighth month-end after beginning of Coved-19 pandemic/isolation
Moody's Daily Long-term Corporate Bond Yield Averages

        Utilities  Industrial  Corporate
Aaa  NA  2.39  2.39
Aa  2.76  2.43 2.60
A  2.99  2.86  2.93
Baa  3.35  3.62  3.49
Avg  3.03  2.83  2.93

Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.29
Medium-Term (5-10 yrs)  0.59
Long-Term (10+ yrs)  1.43

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are very close, only 5-10 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 30-45 points lower.  

[david rigby]

Advance Notice:  After posting the rates for the month-end December 2020, I will no longer be adding to this list.  If someone else is willing to take on this task, I'll be glad to help get you started.

[Effen]

Thank you for your dedication David. Hopefully someone will pick up the torch.  

[SSRRS]

Yes, Effen you are correct, this has been dedication at it's best. Thank you very much David. Your knowledge and insight in general are appreciated as well.

[david rigby]

Data as of November 30, 2020 (Monday)             Ninth month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.20  2.20
Aa  2.51  2.20  2.36
A  2.72  2.60  2.66
Baa  3.01  3.25  3.13
Avg  2.75  2.56  2.66
  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.27
Medium-Term (5-10 yrs)  0.56
Long-Term (10+ yrs)  1.37
 

Observation:  (1) Comparing the Avg rates to 6 months prior, current rates are about 40 points lower.  (2) Comparing the Avg rates to 12 months prior, current rates are about 70 points lower.  

[david rigby]

Data as of December 31, 2020 (Thursday)             Tenth month-end after beginning of Coved-19 pandemic/isolation

Moody's Daily Long-term Corporate Bond Yield Averages 

   Utilities    Industrial    Corporate
Aaa  NA  2.23  2.23
Aa  2.54  2.29  2.42
A  2.74  2.60  2.67
Baa  3.00  3.21  3.11
Avg  2.76  2.58  2.67
  
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)  0.25
Medium-Term (5-10 yrs)  0.58
Long-Term (10+ yrs)  1.45

For those wondering about year-end volatility, I also looked at the same values for December 29 and December 30.  The values differed by no more than 3-4 basis points.

[david rigby]

As stated above, this is my last entry for this data.  If someone else is willing to add to the list each month, I'll be glad to help you get started. 

[Zach]

Hi David,

Thanks for the many years of doing this!  I don't mind doing it a while- have a reminder on my phone for the start of every month.  Not sure about the format, hope it is still readable.

Data as of January 29, 2021 (Friday)  

Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.51	2.51
Aa	2.75	2.53	2.64
A	2.93	2.80	2.87
Baa	3.23	3.33	3.28
Avg	2.97	2.79	2.88
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.29
Medium-Term (5-10 yrs)		0.70
Long-Term (10+ yrs)		1.67

[Zach]

Data as of February 26, 2021 (Friday)        

Moody's Daily Long-term Corporate Bond Yield Averages           Utilities Industrial Corporate Aaa NA 2.86 2.86 Aa 3.07 2.91 2.99 A 3.23 3.13 3.18 Baa 3.52 3.59 3.56 Avg 3.27 3.12 3.20         Moody's Daily Treasury Yield Averages       Short-Term (3-5 yrs)   0.58   Medium-Term (5-10 yrs)   1.11   Long-Term (10+ yrs)   2.07

[Zach]

Data as of March 31, 2021 (Wednesday)
Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	3.04	3.04
Aa	3.31	3.10	3.21
A	3.49	3.32	3.41
Baa	3.75	3.78	3.77
Avg	3.52	3.31	3.42
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.66
Medium-Term (5-10 yrs)		1.32
Long-Term (10+ yrs)		2.31

[Zach]

Data as of April 29, 2021 (Thursday)
Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.92	2.92
Aa	3.14	2.95	3.05
A	3.31	3.20	3.26
Baa	3.58	3.66	3.62
Avg	3.34	3.18	3.26
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.59
Medium-Term (5-10 yrs)		1.22
Long-Term (10+ yrs)		2.19

 

[Zach]

Data as of May 28, 2021 (Friday)
Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.90	2.90
Aa	3.13	2.90	3.02
A	3.28	3.16	3.22
Baa	3.53	3.60	3.57
Avg	3.31	3.14	3.23
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.52
Medium-Term (5-10 yrs)		1.15
Long-Term (10+ yrs)		2.17

[Zach]

Data as of June 30, 2021
Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.63	2.63
Aa	2.91	2.69	2.80
A	3.05	2.91	2.98
Baa	3.29	3.35	3.32
Avg	3.08	2.90	2.99
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.62
Medium-Term (5-10 yrs)		1.11
Long-Term (10+ yrs)		1.97

[Zach]

Data as of Friday, July 30, 2021

Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.51	2.51
Aa	2.75	2.58	2.67
A	2.90	2.79	2.85
Baa	3.15	3.23	3.19
Avg	2.93	2.78	2.86
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.47
Medium-Term (5-10 yrs)		0.90
Long-Term (10+ yrs)		1.79

[Zach]

Data as of Tuesday, August 31, 2021

Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.54	2.54
Aa	2.83	2.63	2.73
A	2.96	2.82	2.89
Baa	3.20	3.28	3.24
Avg	3.00	2.82	2.91
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.56
Medium-Term (5-10 yrs)		0.99
Long-Term (10+ yrs)		1.81

 

[Zach]

Data as of Thursday, September 30, 2021 Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.70	2.70
Aa	3.01	2.76	2.89
A	3.11	2.97	3.04
Baa	3.33	3.40	3.37
Avg	3.15	2.96	3.06
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.72
Medium-Term (5-10 yrs)		1.21
Long-Term (10+ yrs)		1.99

[Zach]

Data as of Friday, October 29, 2021

Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.59	2.59
Aa	2.88	2.61	2.75
A	2.98	2.86	2.92
Baa	3.21	3.27	3.24
Avg	3.02	2.83	2.93
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.91
Medium-Term (5-10 yrs)		1.33
Long-Term (10+ yrs)		1.91

 

[Zach]

Data as of Tuesday, November 30, 2021

Moody's Daily Long-term Corporate Bond Yield Averages
	Utilities	Industrial	Corporate
Aaa	NA	2.57	2.57
Aa	2.90	2.57	2.74
A	2.99	2.83	2.91
Baa	3.21	3.26	3.24
Avg	3.03	2.81	2.92
Moody's Daily Treasury Yield Averages
Short-Term (3-5 yrs)		0.99
Medium-Term (5-10 yrs)		1.27
Long-Term (10+ yrs)		1.77