Credit spread
= Credit spread
{title2=$s=y_{\rm credit}-y_{\rm benchmark}$}
A yield difference between a credit-risky instrument and a chosen benchmark, with maturity and other terms matched as appropriate. The benchmark and quotation convention must be specified. The spread may compensate for <default> losses, default-risk premiums, liquidity and other effects; it is not generally identical to a physical <default> <probability> or loss rate.