"Credit spread": 1. The difference in yield between a given security and a comparable benchmark government security. It gives an indication of the issuerâ€™s credit quality. 2. The difference in value of two securities with comparable maturity and yield but different credit jurisdiction. 3. The extra yield on a debt security over the equivalent theoretical 'risk-free' security. In other words the proportion of the total return that the issuer must pay due to credit risk.