{ "schema_version": "core-reviewed-term-ai-handoff-v1", "version": "core-reviewed-term-ai-handoff-v1", "contract_status": "preview", "distribution": "per_term_read_only_ai_handoff", "no_write_operations": true, "canonical": { "url": "https://core.yogoq.com/en-US/core/credit-spread", "slug": "credit-spread", "locale": "en-US" }, "summary": { "schema_version": "core-reviewed-term-summary-v1", "term_id": "c3659c00-2c5f-5a32-8e45-1b5224b31648", "canonical_slug": "credit-spread", "canonical_url": "https://core.yogoq.com/en-US/core/credit-spread", "locale": "en-US", "display_name": "Credit Spread", "english_name": null, "abbreviation": null, "short_definition": "Credit spread helps price credit risk by clarifying default risk compensation and the trade-offs between yield and default risk. It keeps scope and assumptions aligned.", "quality": "reviewed", "publication_status": "published_reviewed", "version": "core-reviewed-term-summary-v1", "last_reviewed_at": "2026-05-14T00:00:00.000Z", "sources_count": 3, "limitations_key": "core-trust-policy-v1-2026-06-22" }, "content": { "definition": { "key": "definition", "title": "一言でいうと", "text": "Credit spread helps price credit risk by clarifying default risk compensation and the trade-offs between yield and default risk. It keeps scope and assumptions aligned.", "items": [] }, "formula": null, "boundary": null, "usage": [ { "key": "meaning", "title": "意味", "text": "Credit spread is the yield difference between a risky bond and a comparable risk free benchmark, reflecting default risk and liquidity. It specifies the unit of analysis and the assumptions behind default compensation, including default probability and recovery rates. The concept separates what is in scope (issuer risk and liquidity premium) from what is out of scope (risk free rate changes alone), so comparisons stay consistent. Applied well, it turns a vague debate into a measurable choice and makes the drivers of results explicit.", "items": [] }, { "key": "usage", "title": "役立つ場面", "text": "Use Credit Spread to decide credit allocation and pricing, because it exposes default risk compensation and the trade-off with yield versus default risk. It changes budgeting and prioritization by making default probability and recovery rates explicit and reviewable. It informs adjustments when issuer fundamentals or market liquidity change, so the decision stays grounded in current conditions.", "items": [ "Use Credit Spread to decide credit allocation and pricing, because it exposes default risk compensation and the trade-off with yield versus default risk.", "It changes budgeting and prioritization by making default probability and recovery rates explicit and reviewable.", "It informs adjustments when issuer fundamentals or market liquidity change, so the decision stays grounded in current conditions." ] }, { "key": "usage", "title": "使い方のポイント", "text": null, "items": [ "Define the unit and time horizon before comparing credit spreads across options.", "Track the primary driver (spread level) separately from secondary noise.", "Run sensitivity checks on issuer fundamentals and liquidity conditions to avoid false precision.", "Document data sources and calculation steps so results are auditable.", "Revisit spread assumptions when the business model or market context changes." ] } ], "misunderstandings": [ { "key": "misunderstandings", "title": "よくある誤解 / 落とし穴", "text": null, "items": [ "A tight spread does not mean no risk; it can reverse quickly.", "Spreads can widen even without defaults if liquidity dries up.", "Comparing spreads across sectors requires risk adjustments." ] } ], "examples": [ { "key": "examples", "title": "最小例", "text": "An investor compares a corporate bond to a government benchmark and models spread widening under a recession scenario. They stress test expected loss using default probability and recovery assumptions and compare the result to portfolio risk limits. The analysis shows the spread does not compensate for downside risk, so the position size is reduced. After implementation, they monitor liquidity and fundamentals to update the spread view.", "items": [] } ], "comparisons": [ { "key": "comparisons", "title": "似ている言葉との違い", "text": "Compare Credit Spread with adjacent concepts before deciding. Credit Spread | Current concept | Use when the team needs the primary decision lens Adjacent metric or framework | Supporting lens | Use when the team needs evidence or process detail General vocabulary | Broad explanation | Use only for orientation, not final decision-making", "items": [ "Credit Spread | Current concept | Use when the team needs the primary decision lens", "Adjacent metric or framework | Supporting lens | Use when the team needs evidence or process detail", "General vocabulary | Broad explanation | Use only for orientation, not final decision-making" ] } ], "faq": [ { "question": "When should I use Credit Spread?", "answer": "Use it when the team needs to decide scope, priority, owner, or trade-off, not when it only needs a short definition." }, { "question": "What makes Credit Spread useful in practice?", "answer": "It becomes useful when it is tied to evidence, a decision owner, and a concrete next operating choice." }, { "question": "What should I avoid?", "answer": "Avoid using the term as a label without clarifying assumptions, boundaries, and how success will be judged." } ] }, "sources": { "source_refs": [ "concept:finance-concept-0226:en-US", "concept:finance-concept-0226:ja-JP", "concept:finance-concept-0280:en-US", "concept:finance-concept-0280:ja-JP", "manual_merge_map:next-exact-duplicates-2026-04-28" ], "visible_sources": [ { "label": "Principles of Finance (OpenStax)", "url": "https://openstax.org/details/books/principles-finance", "kind": null }, { "label": "Principles of Marketing (Open Textbook Library)", "url": "https://open.umn.edu/opentextbooks/textbooks/principles-of-marketing", "kind": "tier_s" }, { "label": "Principles of Management (OpenStax)", "url": "https://openstax.org/details/books/principles-management", "kind": "tier_s" } ] }, "related_terms": [ { "topic_id": "5cd29b9d-5f5d-5d0e-9bb6-b34dd21db7e0", "canonical_slug": "finance-concept-0229", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0229", "title": "Hedging", "relation_type": "next" }, { "topic_id": "091f4fdf-6bce-545d-8ca9-df0772d9b04f", "canonical_slug": "finance-concept-0223", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0223", "title": "Yield Curve", "relation_type": "used_together" }, { "topic_id": "8085801b-20e6-5d6f-b442-d5cbf01c6222", "canonical_slug": "finance-concept-0139", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0139", "title": "Inventory Financing Strategy", "relation_type": "used_together" }, { "topic_id": "e92e11e4-0059-5a7d-8707-24c988d3b640", "canonical_slug": "finance-concept-0142", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0142", "title": "Receivables Aging Discipline", "relation_type": "used_together" } ], "quality": { "quality": "reviewed", "publication_status": "published_reviewed", "source_count": 3, "last_reviewed_at": "2026-05-14T00:00:00.000Z", "trust_policy_version": "core-trust-policy-v1-2026-06-22" }, "limitations": { "policy_version": "core-trust-policy-v1-2026-06-22", "professional_advice_boundary": "reference_only_not_professional_advice", "text": "This page is reference information for research and learning. For accounting, legal, finance, health, security, or other individual decisions, confirm against primary sources or qualified professionals.", "items": [ "Public pages support general understanding and practical context; they are not professional advice for individual cases.", "Fast-changing information such as regulations, accounting standards, prices, product specs, and legal requirements should be checked against primary sources before final decisions.", "Even when AI-assisted drafting or audit is used, publication relies on quality gates and human-readable evidence." ] } }