Which country has the widest corporate bond spreads?

Among markets with at least 10 bond families, the widest outstanding-weighted spreads over government benchmark yields as of 6 Nov 2026 are Japan 149 bp, India 147 bp, Finland 109 bp; the tightest are China 58 bp, Spain 77 bp, Italy 82 bp. Markets with fewer families, such as Poland, are shown on the board but not ranked.

How big is the US corporate bond market compared with other countries?

On this board the United States has $9.75T of face value outstanding across 1,163 bond families, 70% of the $14.0T covered in all 22 markets. The next largest are Germany $840B, France $800B, United Kingdom $709B.

What share of corporate bond issuers are investment grade?

Across all 22 markets 73.7% of rated bond families are investment grade (BBB- or better) as of 6 Nov 2026. Among markets with at least 10 families it ranges from 100.0% in Netherlands to 54.8% in Canada.

Corporate bond markets by country: spreads and ratings

One row per market: how much corporate debt is outstanding, how wide its spread is over the government curve, how the market's view compares with the agencies' ratings, and where the distress and the downgrades are.

Data as of 6 Nov 2026.

Open the bond-market board in the cockpit

As of 6 Nov 2026 the bond board compares 22 markets: 1,834 bond families (issuers with at least one priced bond) carry $14.0T of face value outstanding. The outstanding-weighted spread over government benchmark curves is 102 bp (median family 103 bp), 73.7% of rated families are investment grade, and 0.4% of face value is distressed (a yield to worst of 10% or more, or a spread of 1,000 bp or more).
The United States is 70% of covered corporate debt ($9.75T across 1,163 families); next are Germany $840B, France $800B, United Kingdom $709B, Japan $295B.
Among the 19 markets with at least 10 bond families, the widest weighted spreads are Japan 149 bp (government 10-year 2.63%), India 147 bp (government 10-year 7.20%), Finland 109 bp (government 10-year 3.65%) and the tightest China 58 bp, Spain 77 bp, Italy 82 bp (basis points over the government benchmark; a wide spread means investors demand more yield for the same debt).
The market prices more families two or more notches below their official rating in India 20.8%, Australia 19.5%, Japan 16.7% than elsewhere (all markets: 9.5%); this is a read on the disagreement between bond prices and the agencies, and a hint of downgrades to come.
Distressed share of face value is highest in India 4.6%, Japan 3.0%, Hong Kong 1.5%, Sweden 0.5%.
In the last 90 days agencies made 67 downgrades and 115 upgrades across the covered families (United States: 51 and 93).
Coverage caveat: TradingView's bond screener covers US (FINRA/TRACE) prints and the European venues, so Japan, China, Korea, India, Taiwan, Singapore, Australia and Canada show only their US-dollar or euro paper: thin coverage, not thin credit. Markets with fewer than 10 families are shown but not ranked.

Corporate bond markets compared

One row per market, sorted by debt outstanding; spreads and prices are weighted by face outstanding (the market as one bond stack), medians are the typical family. Coverage = families as a share of the market's covered equities; debt / equity cap = face outstanding as a share of those companies' market value.
Market	Families	Coverage	Debt outstanding	Debt / equity cap	Weighted price	Government 10-year	Median spread (bp)	Weighted spread (bp)	Median rating gap (notches)	Priced 2+ notches harsher	Investment grade	Distressed	Downgrades, 90d	Upgrades, 90d	Duration	DTS
United States	1,163	34%	$9.75T	11.4%	93.12	4.86%	103	102	0	8.4%	70.0%	0.4%	51	93	6.2y	660
Germany	71	33%	$840B	29.3%	95.96	3.25%	93	104	1 kinder	15.5%	82.5%	0.1%	4	2	4.1y	435
France	90	41%	$800B	24.3%	96.16	4.78%	105	103	1 kinder	6.7%	77.8%	0.1%	1	2	4.5y	527
United Kingdom	99	25%	$709B	18.6%	96.59	5.16%	111	101	0	12.1%	83.1%	0.0%	4	4	5.2y	573
Japan	42	3%	$295B	3.8%	95.85	2.63%	82	149	0	16.7%	92.7%	3.0%	0	1	4.3y	636
Canada	45	9%	$273B	6.6%	98.15	3.66%	116	90	0	8.9%	54.8%	0.3%	1	2	3.5y	346
Australia	41	11%	$243B	12.2%	96.07	5.02%	120	89	1 harsher	19.5%	73.7%	0.3%	1	0	4.5y	458
Switzerland	42	26%	$153B	5.8%	96.32	0.44%	106	90	1 kinder	9.5%	92.0%	0.0%	0	1	5.0y	433
Spain	19	19%	$146B	10.9%	97.79	3.83%	95	77	3 kinder	5.3%	77.8%	0.0%	1	0	4.3y	346
Sweden	32	14%	$141B	11.0%	97.38	2.99%	92	95	0	15.6%	80.0%	0.5%	1	2	3.4y	346
Denmark	17	28%	$141B	21.5%	96.38	3.09%	105	83	0	11.8%	92.9%	0.0%	1	1	3.3y	292
Hong Kong	31	3%	$92.5B	1.7%	87.07	3.66%	95	100	0	12.9%	81.5%	1.5%	0	0	6.0y	587
Italy	14	10%	$92.4B	7.2%	95.91	4.36%	62	82	4 kinder	0.0%	75.0%	0.0%	0	5	5.1y	516
Norway	23	19%	$83.4B	16.8%	96.56	4.31%	102	101	0	4.3%	76.9%	0.2%	0	0	4.1y	400
Finland	27	38%	$56.8B	15.2%	97.06	3.65%	116	109	0.5 kinder	7.4%	68.8%	0.0%	2	0	3.5y	386
Netherlands	13	20%	$44.6B	3.3%	93.58	3.35%	95	95	1 kinder	7.7%	100.0%	0.0%	0	0	5.6y	601
India	24	2%	$27.0B	0.5%	92.21	7.20%	103	147	0	20.8%	69.6%	4.6%	0	0	4.3y	563
Singapore	7	3%	$23.8B	3.3%	98.34	2.09%	48	32	2.5 kinder	14.3%	100.0%	0.0%	0	1	3.3y	99
China	12	0%	$18.1B	0.1%	100.39	1.57%	76	58	0	0.0%	88.9%	0.0%	0	0	2.1y	121
South Korea	12	2%	$17.7B	0.6%	99.78	3.85%	86	92	1 harsher	8.3%	90.9%	0.0%	0	1	3.3y	334
Poland	6	7%	$11.8B	3.4%	98.69	6.18%	234	206	2.5 harsher	33.3%	83.3%	0.0%	0	0	5.0y	898
Taiwan	4	0%	$4.11B	0.1%	107.24	1.92%	n/a	n/a	n/a	0.0%	n/a	0.0%	0	0	n/a	n/a
All markets	1,834		$14.0T		94.06		103	102	0	9.5%	73.7%	0.4%	67	115	5.7y	609

Widest, tightest and largest bond families in each market

Widest and tightest are drawn from families with at least $1B of debt (spread in bp over the government curve, with the harshest official rating). Symbols are the issuers' stock tickers.
Market	Widest family	Tightest family	Three largest debt stacks
United States	CRWV 1,216 bp, B	COST 27 bp, AA	JPM $256B, 82 bp, A; MS $245B, 75 bp, A-; BAC $233B, 92 bp, A-
Germany	LXS.DE 296 bp, NR	EVK.DE 30 bp, BBB+	DBK.DE $243B, 131 bp, BBB; VOW.DE $72.9B, 123 bp, BBB+; CBK.DE $64.3B, 44 bp, BBB
France	ATO.PA 861 bp, B+	EL.PA 36 bp, A+	CRAR $151B, 105 bp, A-; SCGL $112B, 139 bp, BBB; BNPQF $55.8B, 79 bp, A-
United Kingdom	OCDO.L 403 bp, NR	AV..L 41 bp, BBB+	HBC $181B, 99 bp, A-; BNPQF/NATWEST $65.3B, 80 bp, A-; SCBFF $55.2B, 135 bp, BBB+
Japan	SFTBF 493 bp, BB+	6902.T 62 bp, A+	MTU $61.8B, 63 bp, A-; SFTBF $33.1B, 493 bp, BB+; 8411.T $28.7B, 89 bp, A
Canada	EHMEF 578 bp, B-	BMO.TO 46 bp, A-	RBC $54.4B, 65 bp, A; TD.TO $48.2B, 93 bp, A-; CM.TO $35.5B, 97 bp, A-
Australia	MALRF 248 bp, Ba3	ANZ 37 bp, AA-	WBK $53.2B, 60 bp, AA-; CBAAU $39.6B, 102 bp, A-; NAB.AX $34.5B, 79 bp, AA-
Switzerland	AMS.SW 347 bp, B	NOVN.SW 57 bp, AA-	UBSG.SW $54.1B, 90 bp, A-; RO.SW $20.0B, 60 bp, AA; NOVN.SW $8.77B, 57 bp, AA-
Spain	ANA.MC 109 bp, BBB-	SAB.MC 46 bp, BBB	CIXPF $39.9B, n/a bp, BBB+; TEF.MC $29.3B, 98 bp, BBB-; IBE.MC $25.0B, 52 bp, BBB+
Sweden	BALD-B.ST 185 bp, BBB	ATCO-A.ST 65 bp, NR	SVKEF $31.9B, 82 bp, A; SWDBF $24.0B, 79 bp, A; SHBA $23.8B, 77 bp, AA-
Denmark	GMXAY 144 bp, BB+	AMKB 62 bp, BBB+	JYSK.CO $58.9B, n/a bp, BBB+; DNSK $32.3B, 77 bp, A-; NOVO-B.CO $16.9B, 68 bp, AA
Hong Kong	LFOR 767 bp, B+	0883.HK 20 bp, A+	TCEH $24.9B, 84 bp, A+; MTRJY $11.4B, 63 bp, AA+; AAGI $10.0B, 79 bp, AA-
Italy	WBD.MI 162 bp, BB+	UNI.MI 21 bp, Baa1	ENEL.MI $52.2B, 100 bp, BBB; BAMI.MI $16.2B, 35 bp, BBB-; IG.MI $7.63B, 62 bp, BBB+
Norway	DTNOF 321 bp, NR	NHY 67 bp, AA-	DNBH $32.8B, n/a bp, A; SBNOR.OL $11.3B, 83 bp, Aa3; NHY $7.80B, 67 bp, AA-
Finland	CTY1S.HE 481 bp, B+	SAMPO.HE 62 bp, A	NRDE $28.1B, 81 bp, AA-; UPM.HE $2.99B, 96 bp, BBB; AKTIA.HE $2.78B, n/a bp, NR
Netherlands	NPSN 148 bp, BBB	ASML.AS 36 bp, A1	HKHH $17.3B, 79 bp, BBB+; NPSN $8.54B, 148 bp, BBB; KKPN $7.78B, 93 bp, BBB
India	SBHY 549 bp, BB	RLNGF 91 bp, A-	RLNGF $6.05B, 91 bp, A-; SBIN $3.80B, 94 bp, BBB; ANRTY $2.58B, 169 bp, BBB
Singapore	JMHL 48 bp, A	GBTZF 25 bp, Aa2	GBTZF $10.4B, 25 bp, Aa2; UOVE $7.56B, n/a bp, AAA; OVCB $3.36B, n/a bp, BBB+
China	601988.SS 76 bp, A	601398.SS 48 bp, A1	601939.SS $4.83B, n/a bp, BBB+; 601398.SS $4.22B, 48 bp, A1; CILJF $2.00B, n/a bp, A-
South Korea	LGCFY 115 bp, BBB	KT/X 58 bp, A-	LGCFY $4.80B, 115 bp, BBB; HXSCF $4.45B, 76 bp, A-; HWHF $1.75B, n/a bp, A
Poland	PSKN 135 bp, A3	PSKN 135 bp, A3	PKO.WA $4.96B, n/a bp, Baa1; MBK.WA $2.67B, n/a bp, BBB-; PSKN $1.50B, 135 bp, A3
Taiwan	n/a	n/a	WWYN $1.56B, n/a bp, NR; AKCPF $1.50B, n/a bp, NR; HNHAF $700M, n/a bp, NR

Terms used on this page

Bond family: an issuer with at least one priced bond, one family per stock symbol. Spread: the extra yield over the government benchmark curve (g-spread), in basis points (1 bp = 0.01 percentage point).
Rating gap: the official rating (the harshest of S&P, Moody's and Fitch) minus the rating notch whose median spread sits nearest the family's own spread. 'Harsher' means the market prices the issuer lower than the agencies do; 'kinder' means higher.
Distressed: face value with a yield to worst of 10% or more, or a spread of 1,000 bp or more, as a share of the market's debt.
Duration: outstanding-weighted modified duration in years. DTS: duration times spread in bp·years, a single scale for spread risk: a 1% relative widening of spreads moves the bond stack by DTS ÷ 10,000 of its value.

Source: TradingView bond screener (FINRA/TRACE prints, 4-hour delayed) and the European venues, rebuilt daily by the cockpit, with government 10-year yields from the cockpit's Countries data. Bonds only; loans, commercial paper and private notes are not included. Market pages: see all markets.

Questions

Which country has the widest corporate bond spreads?: Among markets with at least 10 bond families, the widest outstanding-weighted spreads over government benchmark yields as of 6 Nov 2026 are Japan 149 bp, India 147 bp, Finland 109 bp; the tightest are China 58 bp, Spain 77 bp, Italy 82 bp. Markets with fewer families, such as Poland, are shown on the board but not ranked.
How big is the US corporate bond market compared with other countries?: On this board the United States has $9.75T of face value outstanding across 1,163 bond families, 70% of the $14.0T covered in all 22 markets. The next largest are Germany $840B, France $800B, United Kingdom $709B.
What share of corporate bond issuers are investment grade?: Across all 22 markets 73.7% of rated bond families are investment grade (BBB- or better) as of 6 Nov 2026. Among markets with at least 10 families it ranges from 100.0% in Netherlands to 54.8% in Canada.

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