Data through: Nov 5, 2026 · updated Nov 6 · Updates: Daily (business days)
WThe three bars show the last 3 weeks for this indicator, oldest left to newest right. Bar height reflects each reading relative to the other two — the tallest is the highest of the three, the shortest the lowest.
Historical context: Currently in the 62nd percentile of all historical readings.
What this means right now: IG spreads are in their normal range — the investment-grade credit market shows no stress.
IG Credit Spreads · Daily · 2023–2026
NBER recessions
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Monthly values
IG Credit Spreads — the last 12 months
Every month's reading, with the band the heatmap gives it. The chart above shows the same series in full.
Month
Value
Band
Nov 2026
93 bps
Healthy reading
Oct 2026
94 bps
Healthy reading
Sep 2026
84 bps
Healthy reading
Aug 2026
80 bps
Healthy reading
Jul 2026
79 bps
Healthy reading
Jun 2026
76 bps
Healthy reading
Month-end readings of the same series as the chart. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.
What is the IG Spreads?
Investment grade (IG) credit spreads are the extra yield investors demand to hold high-quality corporate bonds — those rated BBB- or above — instead of US Treasuries. IG spreads move in step with high-yield (HY) spreads, at about a third the size: their weekly changes have moved closely together since May 2023 (a correlation of 0.81). When IG spreads widen, even the safest companies are paying more to borrow.
How We Color-Code the IG Spreads
Our heatmap colors this indicator against historically significant thresholds:
Below 75 bps
Very tight — spreads below 75 bps are rare: about 1 day in 29 since May 2023 (3% of days), all of them since September 2025
75 – 100 bps
Normal — the usual state: 75 to 100 bps on about 7 days in 10 since May 2023 (70%), every one of them since January 2024
100 – 130 bps
Slightly elevated — 100 to 130 bps on about 1 day in 5 since May 2023 (21%): through September 2026, from mid-2023 to September 2024, and again in April–May 2025
130 – 180 bps
Elevated — 130 to 180 bps on about 1 day in 19 since May 2023 (5%), all of them in 2023
180 bps or above
Severe stress — not reached since the site's data begins in May 2023
Historical Extremes — What Happened Next?
When this indicator reaches extreme levels, history shows consistent patterns:
May 2023Widest in the Site's Data Through September 2026
149 bps
The widest close in the site's data, which came in its first weeks. Spreads were back below 130 bps by 3 July 2023. They were below 100 bps by 24 January 2024.
Apr 2025April 2025 Widening
121 bps
The widest close since 2023 (through September 2026). Spreads had been as narrow as 77 bps in November 2024. They widened as the S&P 500 fell 9.7% over the 60 trading days to 3 April, and were back below 100 bps by 12 May 2025.
Jan 2026Tightest in the Site's Data
73 bps
The narrowest close in the site's data, which begins in May 2023.
Frequently Asked Questions
What is the difference between HY and IG spreads?
High yield (HY) spreads are on bonds rated BB+ or below — junk bonds. Investment grade (IG) spreads are on bonds rated BBB- or above. IG spreads are much narrower because these companies are far less likely to default. Since May 2023 IG spreads have closed between 73 and 149 bps. HY spreads have closed between 259 and 481 bps.
Why do IG spreads matter for the stock market?
When even investment-grade spreads widen, credit stress has reached the safest borrowers too. The site's data, from May 2023, holds one real widening: April 2025, when spreads went from 77 to 121 bps. It came alongside the stock market's fall, not ahead of it.
Why does the site's record of IG spreads start in 2023?
ICE BofA, which publishes the series, licenses only its most recent three years through FRED, so the site's history begins in May 2023. The spikes of 2008 and 2020 fall outside it. The widest close in the site's data is 149 bps, in May 2023.
How do IG spreads relate to HY spreads?
IG and HY spreads generally move together — their weekly changes have moved closely in step since May 2023 (a correlation of 0.81). When HY widens much faster than IG, the stress is with the weaker borrowers. When both widen, it has reached the whole corporate market.
What is a normal IG spread?
In the site's data, since May 2023, a typical IG spread has been 88 basis points — the median. Over that time spreads have closed between 73 and 149 bps. The top band, 180 bps or above, has not been reached, and the site has no earlier history to compare.