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  "documentTitle": "March Macro Brief Financial fissures emerge",
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      "text": "Corporate bond spreads in the US have risen noticeably across sectors since early March. Largest increases have been for financials and other interest-rate sensitive sectors such as real estate and energy. Further spread widening could translate into increases in corporate defaults and restructurings, particularly among highly-leveraged entities.",
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      "text": "Note: Z-spreads (semi-annual compounding) data reflect investment grade (IG) US 10-Yr corporate bonds for each sector. IG and high-yield series reflect bonds with maturity tenor of 10 years. *Average spread calculation ranges from March 8, 2022 until March 9, 2023. Z-spread, a relative measure to spot Treasuries, primarily considers credit risk, and its calculation is indirectly impacted by liquidity and prepayment risks. Sources: S&P Capital IQ, Accenture Strategy analysis",
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