Note, however, that the High Yield Master II is also a little more than 100 bp narrower than its historical average versus Triple-B corporates.

FORBES: Is Emerging Markets Debt Cheap?

Chart Analysis : The weekly chart of the ten-year T-Note yield ( TNX) shows the high in yield at over 5% in early July 2007.

FORBES: Keep Your Eye on Treasury Rates

As a final note, the historically narrow spread between high yield bonds and Triple-B corporates does not mean that the high yield asset class is materially overvalued.

FORBES: Is Emerging Markets Debt Cheap?