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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

AA: 75 bp in Aug 2026+8 bp since Sep 2024

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

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.

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