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High-yield spread today: the cost of risky credit

Data as of Oct 12, 2026

3.15 % Fair

Higher than on 62% of the days of the last 10 years.

Last month

DateValueColour
Oct 12, 20263.15 %Fair
Oct 9, 20263.15 %Fair
Oct 8, 20263.09 %Fair
Oct 7, 20263.03 %Fair
Oct 6, 20263.12 %Fair
Oct 5, 20263.10 %Fair
Oct 2, 20263.24 %Poor
Oct 1, 20263.12 %Fair
Sep 30, 20263.08 %Insufficient history
Sep 29, 20263.02 %Insufficient history
Sep 28, 20262.93 %Insufficient history
Sep 25, 20262.80 %Insufficient history
Sep 24, 20262.73 %Insufficient history
Sep 23, 20262.68 %Insufficient history
Sep 22, 20262.66 %Insufficient history
Sep 21, 20262.68 %Insufficient history
Sep 18, 20262.70 %Insufficient history
Sep 17, 20262.70 %Insufficient history
Sep 16, 20262.76 %Insufficient history
Sep 15, 20262.71 %Insufficient history
Sep 14, 20262.65 %Insufficient history
Sep 11, 20262.70 %Insufficient history

Over the last 10 years

What it is

The high-yield spread is the extra interest paid by lower-rated companies over US government debt. It is one of the fastest gauges of financial stress.

How to read it

When it rises sharply, companies find it harder to borrow, which usually comes with stock market falls. The colour compares today's level with its history: "Poor" is a high spread for what is usual.

Frequently asked questions

What is high yield?

Bonds of companies rated below investment grade. They pay more interest because their default risk is higher.

What does a rising spread mean?

That investors demand more to lend to risky companies: credit gets dearer, which usually comes with stock market stress.

Where does the data come from?

From the ICE BofA US High Yield index (option-adjusted spread), published by the St. Louis Fed (FRED).

Sources

See the detail on OwlAI →

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