Europe has its own high-yield market that trades slightly…

Europe has its own high-yield market that trades slightly wider than that of the US, and we've found that 8.5% (roughly one standard deviation above the long-term median for Europe) can be used as a crisis threshold. Since the start of its publishing in 1997, Europe's high-yield spread has crossed the threshold six times, including ahead of each global recession (in September 2000, August 2008, and March 2020).

— from Leadership & Business (Leadership/Business) · Humble Investor: How to Find a Winning Edge in a Surprising World by Daniel Rasmussen

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