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 22, 2026Investment grade
89bp
+5 bp in a week
Over Treasuries · Oct 22
BBB
111bp
+6 bp in a week
Over Treasuries · Oct 22
High yield
340bp
+17 bp in a week
Over Treasuries · Oct 22
CCC and below
1,340bp
+62 bp in a week
Over Treasuries · Oct 22
Investment-grade yield
5.79%
−7 bp in a week
All-in yield · Oct 22
High-yield yield
8.14%
+6 bp in a week
All-in yield · Oct 22
On Oct 22, 2026 high-yield bonds paid 340 bp over Treasuries, at or above 86% of days in three years; investment grade paid 89 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 | 89 | +1 | +5 | +12 | +9 | 73 to 133 | |
| AAAInvestment grade | 42 | 0 | +1 | +3 | +9 | 27 to 59 | |
| AAInvestment grade | 65 | +2 | +5 | +8 | +19 | 41 to 73 | |
| AInvestment grade | 75 | +2 | +5 | +10 | +9 | 59 to 115 | |
| BBBThe lowest investment grade | 111 | +2 | +6 | +16 | +9 | 92 to 163 | |
| High yieldAll US high yield, BB and below | 340 | +13 | +17 | +72 | +39 | 259 to 461 | |
| BBHigh yield | 210 | +12 | +13 | +54 | +19 | 150 to 308 | |
| BHigh yield | 346 | +14 | +20 | +75 | +36 | 254 to 486 | |
| CCC and belowClosest to default | 1,340 | +33 | +62 | +265 | +486 | 690 to 1,340 |
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 22, 2026 · read Oct 23, 6:01 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 | 59 | +12 | +11 | +8 |
| 3–5 years | 79 | +15 | +13 | +7 |
| 5–7 years | 92 | +13 | +13 | +6 |
| 7–10 years | 108 | +13 | +14 | +13 |
| 10–15 years | 109 | +11 | +15 | +14 |
| 15 years and over | 107 | +9 | +7 | +10 |
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 22, 2026 · read Oct 23, 6:01 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 | 5.79 | +10 | +111 | 4.67 to 6.38 | |
| BBB | 6.01 | +14 | +113 | 4.86 to 6.67 | |
| High yield | 8.14 | +66 | +159 | 6.39 to 9.39 | |
| CCC and below | 17.99 | +251 | +599 | 11.19 to 18.01 |
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 22, 2026 · read Oct 23, 6:01 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 23, 3:10 PM ET
ARCANE reporting
Published investigations, newest first
The Numbers Disagree
Bond losses hit Norway’s wealth fund despite a gain in stocksNorway’s wealth fund lost money as bonds fell and the krone strengthened, exposing a risk for pension savers and institutions that rely on bonds to cushion portfolios.
Rates · Oct 22, 2026
Chain reaction
Washington steps in as Gulf tanker rates surge amid buyer retreatThe 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
The Numbers Disagree
Apple faces pressure on iPhone profits as supplier doubts growA company earnings release will test whether guided growth can offset weaker refund support and rising memory costs for Apple equity holders.
Equities · Oct 19, 2026
The Numbers Disagree
Cement prices in the UAE have outrun the forecast for building costsBuyers of construction work carry more of the risk of rising prices when a quoted price for some materials may be guaranteed for only about a month, and one cement producer says its average selling price is higher than a year ago.
Construction materials · Oct 1, 2026
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 22, 2026 · read Oct 23, 6:01 PM ET
- Federal Reserve Board, via FREDSenior Loan Officer Opinion Survey on Bank Lending PracticesData for Jul 1, 2026 · read Oct 23, 3:10 PM ET