Credit
What US companies pay over Treasuries to borrow, by rating and by how long they borrow for; the all-in yield a buyer of their bonds earns; and whether banks are making loans harder to get.
Corporate credit today
ICE BofA via FRED · Oct 6, 2026Investment grade
83bp
−1 bp in a week
Over Treasuries · Oct 6
BBB
102bp
0 bp in a week
Over Treasuries · Oct 6
High yield
303bp
−5 bp in a week
Over Treasuries · Oct 6
CCC and below
1,214bp
+57 bp in a week
Over Treasuries · Oct 6
Investment-grade yield
5.99%
+2 bp in a week
All-in yield · Oct 6
High-yield yield
8.03%
−5 bp in a week
All-in yield · Oct 6
On Oct 6, 2026 high-yield bonds paid 303 bp over Treasuries, at or above 51% of days in three years; investment grade paid 83 bp. In the Fed’s Q3 2026 survey, as many banks eased as tightened standards on business loans to large and mid-sized firms.
Spreads by rating
Option-adjusted spread over Treasuries, basis points, with the three-year range| Rating | bp | 1 day | 1 week | 1 month | 1 year | 3-year low–high | Place in the range |
|---|---|---|---|---|---|---|---|
| Investment gradeAll US corporate, BBB and above | 83 | −1 | −1 | +2 | +9 | 73 to 133 | |
| AAAInvestment grade | 39 | −1 | −2 | −4 | +10 | 27 to 59 | |
| AAInvestment grade | 58 | −1 | −2 | −3 | +16 | 41 to 73 | |
| AInvestment grade | 70 | −2 | −1 | +1 | +9 | 59 to 115 | |
| BBBThe lowest investment grade | 102 | −2 | 0 | +3 | +8 | 92 to 163 | |
| High yieldAll US high yield, BB and below | 303 | −9 | −5 | +35 | +27 | 259 to 461 | |
| BBHigh yield | 185 | −8 | −4 | +30 | +12 | 150 to 311 | |
| BHigh yield | 302 | −12 | −14 | +25 | +22 | 254 to 486 | |
| CCC and belowClosest to default | 1,214 | +3 | +57 | +160 | +410 | 690 to 1,215 |
Changes in basis points. A wider spread means lenders want more to hold company risk; the mark shows where today sits between the lowest and highest spread of the past three years (FRED carries three years of ICE data).
- Investment grade, bp
- BBB, bp
- High yield, bp
- CCC and below, bp
ICE Data Indices, via FRED, ICE BofA US corporate option-adjusted spreads and effective yields · data for Oct 6, 2026 · read Oct 7, 10:33 PM ET
Investment grade by maturity
Where on the maturity ladder spreads are moving| Maturity | bp | 1 month | 3 months | 1 year |
|---|---|---|---|---|
| 1–3 years | 55 | +6 | +10 | +7 |
| 3–5 years | 73 | +4 | +8 | +6 |
| 5–7 years | 85 | +1 | +9 | +7 |
| 7–10 years | 101 | +2 | +10 | +14 |
| 10–15 years | 98 | −1 | +8 | +10 |
| 15 years and over | 100 | −3 | +6 | +11 |
A refinancing window shows here first: when short maturities widen faster than long ones, it is the borrowers who must roll debt soon who are paying more.
ICE Data Indices, via FRED, ICE BofA US corporate option-adjusted spreads and effective yields · data for Oct 6, 2026 · read Oct 7, 10:33 PM ET
All-in yields
Treasury yield plus spread: what a buyer earns| Index | % | 1 month | 1 year | 3-year range, % | Place in the range |
|---|---|---|---|---|---|
| Investment grade | 5.99 | +47 | +117 | 4.67 to 6.44 | |
| BBB | 6.19 | +49 | +119 | 4.86 to 6.72 | |
| High yield | 8.03 | +83 | +152 | 6.39 to 9.45 | |
| CCC and below | 16.98 | +201 | +522 | 11.19 to 17.02 |
Effective yield to worst, percent; changes in basis points.
ICE Data Indices, via FRED, ICE BofA US corporate option-adjusted spreads and effective yields · data for Oct 6, 2026 · read Oct 7, 10:33 PM ET
Bank lending standards
The Fed’s Senior Loan Officer Survey, each quarter- Tightening, large and mid-sized firms
- Tightening, small firms
| Survey | Tightening, large | Tightening, small | Stronger demand, large |
|---|---|---|---|
| Q3 2026 | 0.0% | 1.8% | 16.1% |
| Q2 2026 | 8.1% | 6.6% | 4.8% |
| Q1 2026 | 5.3% | 8.9% | 16.1% |
| Q4 2025 | 6.5% | 8.3% | 11.5% |
| Q3 2025 | 9.5% | 8.2% | −28.6% |
| Q2 2025 | 18.5% | 15.9% | −20.3% |
| Q1 2025 | 6.2% | 11.1% | 9.4% |
| Q4 2024 | 0.0% | 13.3% | −21.3% |
Net percentage of banks: those tightening (or seeing stronger demand) less those easing (or seeing weaker demand), for commercial and industrial loans. Above zero, more banks are tightening than easing.
Federal Reserve Board, via FRED, Senior Loan Officer Opinion Survey on Bank Lending Practices · latest survey quarter starting Jul 1, 2026 · read Oct 7, 8:26 PM ET
ARCANE reporting
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Sources
Every number above, where it comes from and when it was read- ICE Data Indices, via FREDICE BofA US corporate option-adjusted spreads and effective yieldsData for Oct 6, 2026 · read Oct 7, 10:33 PM ET
- Federal Reserve Board, via FREDSenior Loan Officer Opinion Survey on Bank Lending PracticesData for Jul 1, 2026 · read Oct 7, 8:26 PM ET