The spread between the riskiest U.S. corporate bonds (CCC-rated) and U.S. Treasuries surged to 1,007 basis points on Wednesday (September 30), breaking above 1,000 basis points for the first time since the 2023 regional banking crisis, according to Bloomberg Markets. This level of risk premium typically signals a high probability of default, restructuring, or losses, and is the widest spread since March 2023, when investors sold off high-risk credit due to the regional banking crisis.