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Spread at Issue by Rating
Median spread to Treasuries of new U.S. dollar fixed-rate bonds, by rating band, basis points
2 of 3 series are above their level a year earlier
Plays the chart through its history. Pauses are where the data set a record or moved most.
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Palanor calculation from the pricing term sheets companies file with the SEC. Deals sold under Rule 144A file none and are not included. Monthly medians, published with at least five tranches.
What new borrowers in each rating band pay over Treasuries, read from the term sheets themselves rather than a licensed index.
What this chart reads
- Median Spread at Issue, AA-Rated Bonds (Monthly)as “AA”behindlatest 2026-08-01
- Median Spread at Issue, A-Rated Bonds (Monthly)as “A”latest 2026-09-01
- Median Spread at Issue, BBB-Rated Bonds (Monthly)as “BBB”latest 2026-09-01
Sources
Median Spread at Issue, AA-Rated Bonds (Monthly). Source: Palanor calculation from SEC EDGAR pricing term sheets (FWP, 424B2). Public domain.
Median Spread at Issue, A-Rated Bonds (Monthly). Source: Palanor calculation from SEC EDGAR pricing term sheets (FWP, 424B2). Public domain.
Median Spread at Issue, BBB-Rated Bonds (Monthly). Source: Palanor calculation from SEC EDGAR pricing term sheets (FWP, 424B2). Public domain.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.