1. Securities - issuer's credit quality.
The difference in yield between a given security and a comparable benchmark government security.
It gives an indication of the issuer’s credit quality.
2. Securities - value differential.
The difference in value of two securities with comparable maturity and yield but different credit jurisdiction.
3. Other borrowings.
Similarly, the extra interest payable on a borrowing - over the reference 'risk-free' market interest rate - to reflect a borrower's credit risk.