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What Is a Credit Spread? HY OAS Explained: cover

What Is a Credit Spread? HY OAS Explained 29 Sep 2026 A credit spread is the extra yield a company pays over the government for the same maturity. High-yield OAS is that number for the below-investment-grade bond market, and it separates a rates problem from an economy problem. The mechanism, the levels and why it stayed quiet until it did not. Bonds Explainer 9 min read min