1.   A higher spread indicates investors are demanding more of a risk premium to own corporate rather than government debt.

2.   A narrower spread typically indicates increased investor confidence in a corporate bond.

3.   A narrowing spread indicates waning hopes of an interest rate cut, as fixed-income securities become more attractive amid expectations of rate cuts.

4.   A lower spread indicates a growing preference for gilts.

5.   A narrowing spread indicates investors were willing to accept a shrinking risk premium to hold Canadian assets.

6.   A wider spread indicates that investors perceive more risk in putting money in Spain instead of Germany.

7.   A wider spread indicates investors are looking for a greater risk premium to invest in gilts relative to bunds.

8.   A widening spread indicates that the market does not expect another Fed rate increase for some time.

9.   The narrower spreads indicate higher relative bond prices.

10.   The spread indicates the risk premium investors are demanding to invest in gilts relative to bunds.