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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.

ICE prints its index spreads once a day; FRED carries them a day later. This page holds Nov 6, 2026, read Nov 9, 10:50 AM ET.

Corporate credit today

ICE BofA via FRED · Nov 6, 2026

Investment grade

93bp

−1 bp in a week

Over Treasuries · Nov 6

BBB

116bp

0 bp in a week

Over Treasuries · Nov 6

High yield

342bp

−2 bp in a week

Over Treasuries · Nov 6

CCC and below

1,317bp

−10 bp in a week

Over Treasuries · Nov 6

Investment-grade yield

5.73%

−6 bp in a week

All-in yield · Nov 6

High-yield yield

8.06%

−8 bp in a week

All-in yield · Nov 6

On Nov 6, 2026 high-yield bonds paid 342 bp over Treasuries, at or above 88% of days in three years; investment grade paid 93 bp. In the Fed’s Q4 2026 survey, a net 1.7% of banks 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
Ratingbp1 day1 week1 month1 year3-year low–high
Investment gradeAll US corporate, BBB and above930−1+10+1173 to 126
AAAInvestment grade480−1+9+1227 to 59
AAInvestment grade690−1+11+2141 to 73
AInvestment grade770−1+7+1059 to 109
BBBThe lowest investment grade11600+14+1292 to 156
High yieldAll US high yield, BB and below342−6−2+39+29259 to 461
BBHigh yield208−5−1+23+13150 to 306
BHigh yield361−6+1+59+33254 to 486
CCC and belowClosest to default1,317−3−10+103+427690 to 1,356

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 Nov 6, 2026 · read Nov 9, 10:50 AM ET

Investment grade by maturity

Where on the maturity ladder spreads are moving
Maturitybp1 month3 months1 year
1–3 years63+8+17+11
3–5 years83+10+16+9
5–7 years97+12+17+10
7–10 years112+11+17+15
10–15 years110+12+18+14
15 years and over111+11+12+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 Nov 6, 2026 · read Nov 9, 10:50 AM ET

All-in yields

Treasury yield plus spread: what a buyer earns
Index%1 month1 year3-year range, %
Investment grade5.73−26+904.67 to 6.11
BBB5.95−24+924.86 to 6.38
High yield8.06+3+1236.39 to 8.82
CCC and below17.71+73+51811.19 to 18.17

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 Nov 6, 2026 · read Nov 9, 10:50 AM ET

Bank lending standards

The Fed’s Senior Loan Officer Survey, each quarter
  • Tightening, large and mid-sized firms
  • Tightening, small firms
SurveyTightening, largeTightening, smallStronger demand, large
Q4 20261.7%5.1%−11.7%
Q3 20260.0%1.8%16.1%
Q2 20268.1%6.6%4.8%
Q1 20265.3%8.9%16.1%
Q4 20256.5%8.3%11.5%
Q3 20259.5%8.2%−28.6%
Q2 202518.5%15.9%−20.3%
Q1 20256.2%11.1%9.4%

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 Oct 1, 2026 · read Nov 9, 5:55 AM ET

Open Calls

Dated forecasts on this subject, scored in public when they resolve

Every Call and how it resolved: Track record.

ARCANE reporting

Published investigations, newest first
The U.S. Treasury Department building in Washington, D.C., with columns and a statue in front.

The Numbers Disagree

Strong jobs data pushes Treasury yields higher

Higher Treasury yields put pressure on bond holders and stock buyers as investors consider another Federal Reserve rate increase.

Rates · Nov 7, 2026

The U.S. Treasury Department building in Washington with the Albert Gallatin statue in front.

The Numbers Disagree

Treasury yields fall as traders await jobless claims

Bond buyers and borrowers face uncertainty over jobless claims and the fiscal outlook after the election.

Rates · Nov 5, 2026

The Meta logo is displayed on the glass entrance of a corporate office building with people walking outside.

The Numbers Disagree

Meta Tests Europe as AI Borrowing Costs Rise

The sale tests whether investors will keep funding data-center spending after wider spreads and a negative credit outlook.

Rates · Nov 4, 2026

The very large crude carrier Pertamina Prime at a Dutch port in 2022

Chain reaction

Washington steps in as Gulf tanker rates surge amid buyer retreat

The U.S. government absorbs its own long bonds while Gulf shipowners demand combat pay, signaling investors are fleeing both debt and oil risk.

Archive · Rates and energy · Aug 18, 2026

Sources

Every number above, where it comes from and when it was read