The spread (excess interest rate) on high-yield corporate bonds has fallen from more than 16 percentage points at the start of 2009 to less than six points.

高收益公司债券的超额收益率从2009年初的16%点多下跌到不到6点。

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The spread (excess interest rate) paid by high-yield borrowers is only around half a percentage point lower than it was at the height of the crunch.

高收益债券和美国国库券之间的利差只比危机期间的高点低了大约0.5个百分点。

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Just as in the past, high yield bonds trade at an interest rate spread over Treasury bonds, which are more liquid and less subject to default risk.

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However, the average cap rate spread over the 10 year treasury yield has been 360 bps during that period, which compares to 430 bps today.

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The remaining spread of the mortgage rate over the Treasury yield represents the risk of prepayment and underwriting costs.

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