Secondary spread

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Secondary spread is the difference between the yield on a fixed-income corporate security trading in the secondary market, and a comparable central government risk investment, such as a gilt.

Upgrade reduced spreads
"Tesco was upgraded one notch to BBB- by Fitch - Tesco's first investment-grade rating since being downgraded to sub-investment grade in 2015, and testament to the team's active and effective engagement with credit rating agencies.
The Fitch upgrade had a notable impact on Tesco's secondary spreads."
The Treasurer magazine, Deals Edition 2019, p28.

See also