The number of percentage points or basis points between the yield for highly speculative bonds and the yield for more traditional, stable bond markets (e.g., bonds issued by state or federal governments and investment-grade corporate bonds). The level of risk correlates with the potential for returns. As the spread increases, so does the perceived risk of investing in high-yield bonds. The high-yield bond spread is used as an indicator of the current viability of credit markets in general.
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