HQM corporate bond yield curve · monthly average par yields
What do high-grade corporate bonds yield, and how far above Treasuries?
High-grade US corporate bonds yielded 5.77% at 10 years on average in September 2026, the month ended (Treasury's HQM yield curve), 78 basis points above the 10-year Treasury par yield's average of 4.99%.
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The 10-year HQM corporate bond yield and the 10-year Treasury par yield, monthly averages
The lines
- HQM corporate, 10 years5.77%
- Treasury par yield, 10 years (monthly average)4.99%
The 10-year HQM yield's spread over the 10-year Treasury average, basis points (ours)
HQM corporate bond yields at 2, 10 and 30 years, monthly averages
The lines
- 30 years6.31%
- 10 years5.77%
- 2 years5.02%
The 10-year HQM yield in each calendar year: its average, highest and lowest month
The lines
- Average5.19%
- Highest month5.77%
- Lowest month4.83%
Each point is one month's average par yield on Treasury's HQM corporate bond yield curve, beside the average of Treasury's daily par yields at the same term (ours); the spread is the first less the second. Pointing at the chart shows the month and the value.
Select a line to follow
Inspect and compare dates
The latest month beside the one before it and the nearest ones a year, five and ten years earlier. The months of the last ten years and every year since 1984 are in the tables under "The numbers behind the chart".
| Measure | Latest | The month before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Month | |||||
| HQM, 2 years | 5.02% | 4.58% | 3.98% | 0.51% | 1.39% |
| HQM, 5 years | 5.36% | 4.94% | 4.20% | 1.26% | 1.87% |
| HQM, 10 years | 5.77% | 5.47% | 4.81% | 2.34% | 2.99% |
| HQM, 30 years | 6.31% | 6.17% | 5.51% | 2.92% | 3.93% |
| Treasury, 10 years (average) | 4.99% | 4.68% | 4.12% | 1.37% | 1.63% |
| Spread, basis points | 78 | 79 | 69 | 97 | 136 |
The table scrolls sideways; the first column stays in place.
Source: U.S. Treasury, HQM Corporate Bond Yield Curve. Observed .
Right now
The 10-year HQM corporate bond yield averaged 5.77% in September 2026, the highest since October 2023.
It was 5.47% in August 2026 and 4.81% in September 2025.
The spreadSeptember 2026, ours
The spread over the 10-year Treasury average was 78 basis points, the narrowest since July 2026.
The 10-year HQM yield was 5.77% and the average of Treasury's 10-year par yields that month 4.99%, 0.78 percentage points apart.
Across the curveSeptember 2026
HQM par yields averaged 5.02% at 2 years, 5.36% at 5 years, 5.77% at 10 years and 6.31% at 30 years.
Treasury's daily par yields averaged 4.65%, 4.80%, 4.99% and 5.37% at the same terms.
This yearSo far, ours
The 10-year yield averaged 5.19% over 9 months; highest 5.77% in September 2026, lowest 4.83% in February 2026.
Understanding the HQM corporate bond yield curve
Where it stands today
The 10-year HQM yield averaged 5.77% in September 2026, 78 basis points above the 10-year Treasury par yield's average.
What is the HQM yield curve?
The High Quality Market (HQM) corporate bond yield curve is a curve of yields that the US Treasury fits to high quality corporate bonds, those rated AAA, AA or A, blended into one curve. It was built for pension funding under the Pension Protection Act of 2006 and is published each month as average par yields at 2, 5, 10 and 30 years, the average of the month's business days.
Read more
The Treasury par yields beside it are the monthly means of Treasury's daily par yield curve rates at the same terms, worked out here to two decimals; they are not Treasury's own monthly figures. A month without a daily 10-year rate has no spread.
What 500metrics adds: the spread between the two, the last month the yield or the spread was higher or lower, and each calendar year's average, highest and lowest month. A basis point is a hundredth of a percentage point.
The numbers behind the chart
What were the yields in each month?120 months, newest first; 513 months since January 1984 in the chart
| Month | 2 years | 5 years | 10 years | 30 years | Treasury, 10 years | Spread |
|---|---|---|---|---|---|---|
| 5.02% | 5.36% | 5.77% | 6.31% | 4.99% | 78 | |
| 4.58% | 4.94% | 5.47% | 6.17% | 4.68% | 79 | |
| 4.57% | 4.86% | 5.35% | 6.02% | 4.60% | 75 | |
| 4.46% | 4.70% | 5.18% | 5.78% | 4.47% | 71 | |
| 4.37% | 4.65% | 5.18% | 5.85% | 4.48% | 70 | |
| 4.22% | 4.47% | 5.03% | 5.75% | 4.32% | 71 | |
| 4.19% | 4.45% | 5.03% | 5.76% | 4.25% | 78 | |
| 3.86% | 4.20% | 4.83% | 5.60% | 4.13% | 70 | |
| 3.94% | 4.28% | 4.89% | 5.63% | 4.21% | 68 | |
| 3.95% | 4.25% | 4.84% | 5.62% | 4.14% | 70 | |
| 3.99% | 4.25% | 4.85% | 5.56% | 4.09% | 76 | |
| 3.93% | 4.17% | 4.75% | 5.42% | 4.06% | 69 | |
| 3.98% | 4.20% | 4.81% | 5.51% | 4.12% | 69 | |
| 4.11% | 4.32% | 4.97% | 5.66% | 4.26% | 71 | |
| 4.30% | 4.50% | 5.11% | 5.74% | 4.39% | 72 | |
| 4.35% | 4.55% | 5.17% | 5.77% | 4.38% | 79 | |
| 4.41% | 4.66% | 5.27% | 5.87% | 4.42% | 85 | |
| 4.41% | 4.68% | 5.23% | 5.76% | 4.28% | 95 | |
| 4.42% | 4.65% | 5.12% | 5.58% | 4.28% | 84 | |
| 4.59% | 4.80% | 5.20% | 5.59% | 4.45% | 75 | |
| 4.67% | 4.94% | 5.36% | 5.72% | 4.63% | 73 | |
| 4.60% | 4.75% | 5.10% | 5.45% | 4.39% | 71 | |
| 4.62% | 4.73% | 5.09% | 5.41% | 4.36% | 73 | |
| 4.37% | 4.45% | 4.84% | 5.25% | 4.10% | 74 |
Show 96 more rows
| Month | 2 years | 5 years | 10 years | 30 years | Treasury, 10 years | Spread |
|---|---|---|---|---|---|---|
| 4.11% | 4.13% | 4.56% | 5.02% | 3.72% | 84 | |
| 4.47% | 4.37% | 4.76% | 5.19% | 3.87% | 89 | |
| 4.94% | 4.76% | 5.09% | 5.43% | 4.25% | 84 | |
| 5.15% | 4.89% | 5.15% | 5.41% | 4.31% | 84 | |
| 5.21% | 5.03% | 5.29% | 5.52% | 4.48% | 81 | |
| 5.28% | 5.12% | 5.36% | 5.55% | 4.54% | 82 | |
| 5.03% | 4.80% | 5.08% | 5.29% | 4.21% | 87 | |
| 4.99% | 4.82% | 5.10% | 5.30% | 4.21% | 89 | |
| 4.91% | 4.77% | 5.05% | 5.23% | 4.06% | 99 | |
| 5.06% | 4.81% | 5.06% | 5.16% | 4.02% | 104 | |
| 5.53% | 5.40% | 5.67% | 5.80% | 4.50% | 117 | |
| 5.78% | 5.76% | 6.05% | 6.17% | 4.80% | 125 | |
| 5.67% | 5.40% | 5.61% | 5.63% | 4.38% | 123 | |
| 5.55% | 5.23% | 5.46% | 5.49% | 4.17% | 129 | |
| 5.47% | 5.07% | 5.26% | 5.20% | 3.90% | 136 | |
| 5.36% | 4.98% | 5.19% | 5.21% | 3.75% | 144 | |
| 4.94% | 4.71% | 5.04% | 5.26% | 3.57% | 147 | |
| 4.78% | 4.60% | 4.88% | 5.06% | 3.46% | 142 | |
| 5.05% | 4.88% | 5.14% | 5.18% | 3.66% | 148 | |
| 5.07% | 4.83% | 5.09% | 5.05% | 3.75% | 134 | |
| 4.81% | 4.61% | 4.93% | 4.92% | 3.53% | 140 | |
| 4.89% | 4.76% | 5.11% | 5.01% | 3.62% | 149 | |
| 5.14% | 5.10% | 5.52% | 5.52% | 3.89% | 163 | |
| 5.13% | 5.29% | 5.73% | 5.76% | 3.98% | 175 | |
| 4.50% | 4.69% | 5.18% | 5.17% | 3.52% | 166 | |
| 3.81% | 3.99% | 4.49% | 4.67% | 2.90% | 159 | |
| 3.66% | 3.95% | 4.52% | 4.71% | 2.90% | 162 | |
| 3.61% | 4.10% | 4.68% | 4.80% | 3.14% | 154 | |
| 3.18% | 3.75% | 4.43% | 4.65% | 2.90% | 153 | |
| 3.00% | 3.51% | 4.10% | 4.20% | 2.75% | 135 | |
| 2.46% | 2.85% | 3.52% | 3.87% | 2.13% | 139 | |
| 1.85% | 2.37% | 3.15% | 3.59% | 1.93% | 122 | |
| 1.31% | 1.98% | 2.84% | 3.26% | 1.76% | 108 | |
| 1.06% | 1.67% | 2.53% | 2.99% | 1.46% | 107 | |
| 0.86% | 1.60% | 2.54% | 2.98% | 1.56% | 98 | |
| 0.68% | 1.48% | 2.53% | 3.04% | 1.58% | 95 | |
| 0.51% | 1.26% | 2.34% | 2.92% | 1.37% | 97 | |
| 0.50% | 1.17% | 2.26% | 2.94% | 1.28% | 98 | |
| 0.48% | 1.13% | 2.27% | 2.93% | 1.32% | 95 | |
| 0.42% | 1.21% | 2.44% | 3.14% | 1.52% | 92 | |
| 0.36% | 1.24% | 2.56% | 3.31% | 1.62% | 94 | |
| 0.41% | 1.30% | 2.58% | 3.27% | 1.64% | 94 | |
| 0.44% | 1.31% | 2.62% | 3.42% | 1.61% | 101 | |
| 0.35% | 0.97% | 2.22% | 3.16% | 1.26% | 96 | |
| 0.37% | 0.88% | 2.09% | 2.94% | 1.08% | 101 | |
| 0.42% | 0.84% | 1.98% | 2.80% | 0.93% | 105 | |
| 0.46% | 0.85% | 2.03% | 2.87% | 0.87% | 116 | |
| 0.48% | 0.85% | 2.06% | 3.01% | 0.79% | 127 | |
| 0.47% | 0.80% | 2.00% | 2.91% | 0.68% | 132 | |
| 0.47% | 0.79% | 1.93% | 2.80% | 0.65% | 128 | |
| 0.53% | 0.89% | 1.98% | 2.79% | 0.62% | 136 | |
| 0.69% | 1.05% | 2.27% | 3.10% | 0.73% | 154 | |
| 1.01% | 1.42% | 2.51% | 3.26% | 0.67% | 184 | |
| 1.53% | 1.77% | 2.69% | 3.15% | 0.66% | 203 | |
| 2.20% | 2.31% | 2.87% | 3.50% | 0.87% | 200 | |
| 1.69% | 1.85% | 2.51% | 3.15% | 1.50% | 101 | |
| 1.86% | 2.06% | 2.73% | 3.34% | 1.76% | 97 | |
| 1.99% | 2.19% | 2.86% | 3.42% | 1.86% | 100 | |
| 2.01% | 2.20% | 2.87% | 3.48% | 1.81% | 106 | |
| 1.97% | 2.14% | 2.84% | 3.45% | 1.71% | 113 | |
| 2.11% | 2.23% | 2.87% | 3.46% | 1.70% | 117 | |
| 2.08% | 2.16% | 2.79% | 3.41% | 1.63% | 116 | |
| 2.31% | 2.43% | 3.14% | 3.78% | 2.06% | 108 | |
| 2.36% | 2.54% | 3.27% | 3.92% | 2.07% | 120 | |
| 2.68% | 2.86% | 3.53% | 4.11% | 2.40% | 113 | |
| 2.77% | 2.93% | 3.66% | 4.16% | 2.53% | 113 | |
| 2.84% | 3.01% | 3.77% | 4.26% | 2.57% | 120 | |
| 3.00% | 3.17% | 3.91% | 4.30% | 2.68% | 123 | |
| 3.16% | 3.41% | 4.06% | 4.46% | 2.71% | 135 | |
| 3.33% | 3.61% | 4.14% | 4.54% | 2.83% | 131 | |
| 3.36% | 3.73% | 4.27% | 4.69% | 3.12% | 115 | |
| 3.27% | 3.66% | 4.21% | 4.58% | 3.15% | 106 | |
| 3.16% | 3.51% | 4.09% | 4.44% | 3.00% | 109 | |
| 3.06% | 3.40% | 3.99% | 4.34% | 2.89% | 110 | |
| 3.10% | 3.47% | 4.04% | 4.36% | 2.89% | 115 | |
| 3.02% | 3.50% | 4.03% | 4.43% | 2.91% | 112 | |
| 2.95% | 3.49% | 4.02% | 4.41% | 2.98% | 104 | |
| 2.88% | 3.37% | 3.88% | 4.27% | 2.87% | 101 | |
| 2.81% | 3.29% | 3.82% | 4.24% | 2.84% | 98 | |
| 2.61% | 3.13% | 3.76% | 4.18% | 2.86% | 90 | |
| 2.38% | 2.86% | 3.46% | 3.96% | 2.58% | 88 | |
| 2.23% | 2.69% | 3.34% | 3.89% | 2.40% | 94 | |
| 2.09% | 2.59% | 3.33% | 3.98% | 2.35% | 98 | |
| 1.93% | 2.49% | 3.35% | 4.01% | 2.36% | 99 | |
| 1.83% | 2.40% | 3.29% | 4.04% | 2.20% | 109 | |
| 1.78% | 2.38% | 3.28% | 4.04% | 2.21% | 107 | |
| 1.83% | 2.45% | 3.38% | 4.08% | 2.32% | 106 | |
| 1.84% | 2.40% | 3.31% | 4.07% | 2.19% | 112 | |
| 1.83% | 2.47% | 3.45% | 4.26% | 2.30% | 115 | |
| 1.80% | 2.49% | 3.46% | 4.29% | 2.30% | 116 | |
| 1.88% | 2.67% | 3.64% | 4.40% | 2.48% | 116 | |
| 1.79% | 2.58% | 3.59% | 4.36% | 2.42% | 117 | |
| 1.83% | 2.62% | 3.60% | 4.33% | 2.43% | 117 | |
| 1.87% | 2.68% | 3.70% | 4.47% | 2.49% | 121 | |
| 1.67% | 2.34% | 3.44% | 4.32% | 2.14% | 130 | |
| 1.49% | 1.98% | 3.09% | 4.02% | 1.76% | 133 |
The table scrolls sideways; the first column stays in place.
What were the average, high and low in each year?43 calendar years, newest first
| Year | Average | High | High in | Low | Low in | Spread, average | Months |
|---|---|---|---|---|---|---|---|
| 2026 | 5.19% | 5.77% | Sep 2026 | 4.83% | Feb 2026 | 73 | 9 |
| 2025 | 5.06% | 5.36% | Jan 2025 | 4.75% | Oct 2025 | 76 | 12 |
| 2024 | 5.04% | 5.36% | Apr 2024 | 4.56% | Sep 2024 | 83 | 12 |
| 2023 | 5.28% | 6.05% | Oct 2023 | 4.88% | Apr 2023 | 132 | 12 |
| 2022 | 4.44% | 5.73% | Oct 2022 | 2.84% | Jan 2022 | 149 | 12 |
| 2021 | 2.42% | 2.62% | Mar 2021 | 2.09% | Jan 2021 | 97 | 12 |
| 2020 | 2.30% | 2.87% | Mar 2020 | 1.93% | Aug 2020 | 140 | 12 |
| 2019 | 3.30% | 4.06% | Jan 2019 | 2.79% | Aug 2019 | 115 | 12 |
| 2018 | 3.98% | 4.27% | Nov 2018 | 3.46% | Jan 2018 | 107 | 12 |
| 2017 | 3.42% | 3.64% | Mar 2017 | 3.28% | Aug 2017 | 109 | 12 |
Show 33 more rows
| Year | Average | High | High in | Low | Low in | Spread, average | Months |
|---|---|---|---|---|---|---|---|
| 2016 | 3.27% | 3.70% | Dec 2016 | 2.91% | Jul 2016 | 143 | 12 |
| 2015 | 3.51% | 3.75% | Jul 2015 | 3.14% | Jan 2015 | 138 | 12 |
| 2014 | 3.61% | 3.95% | Jan 2014 | 3.42% | Dec 2014 | 107 | 12 |
| 2013 | 3.69% | 4.18% | Sep 2013 | 3.12% | Apr 2013 | 134 | 12 |
| 2012 | 3.50% | 3.97% | Jan 2012 | 3.04% | Nov 2012 | 170 | 12 |
| 2011 | 4.42% | 4.84% | Feb 2011 | 4.05% | Sep 2011 | 163 | 12 |
| 2010 | 4.76% | 5.27% | Feb 2010 | 4.18% | Oct 2010 | 155 | 12 |
| 2009 | 6.09% | 7.33% | Mar 2009 | 5.13% | Nov 2009 | 284 | 12 |
| 2008 | 6.69% | 8.64% | Oct 2008 | 5.69% | Jan 2008 | 302 | 12 |
| 2007 | 5.80% | 6.06% | Jul 2007 | 5.50% | Mar 2007 | 118 | 12 |
| 2006 | 5.69% | 6.03% | Jun 2006 | 5.31% | Jan 2006 | 90 | 12 |
| 2005 | 5.09% | 5.39% | Nov 2005 | 4.83% | Jun 2005 | 80 | 12 |
| 2004 | 5.12% | 5.63% | Jun 2004 | 4.65% | Mar 2004 | 84 | 12 |
| 2003 | 5.01% | 5.38% | Aug 2003 | 4.32% | Jun 2003 | 99 | 12 |
| 2002 | 6.05% | 6.57% | Mar 2002 | 5.39% | Dec 2002 | 144 | 12 |
| 2001 | 6.63% | 6.95% | Jan 2001 | 6.14% | Nov 2001 | 161 | 12 |
| 2000 | 7.71% | 8.22% | May 2000 | 7.18% | Dec 2000 | 168 | 12 |
| 1999 | 6.86% | 7.46% | Dec 1999 | 5.90% | Jan 1999 | 122 | 12 |
| 1998 | 6.21% | 6.42% | Mar 1998 | 5.88% | Dec 1998 | 95 | 12 |
| 1997 | 6.97% | 7.47% | Apr 1997 | 6.53% | Dec 1997 | 62 | 12 |
| 1996 | 7.06% | 7.52% | Jun 1996 | 6.33% | Jan 1996 | 62 | 12 |
| 1995 | 7.26% | 8.49% | Jan 1995 | 6.39% | Dec 1995 | 68 | 12 |
| 1994 | 7.73% | 8.59% | Nov 1994 | 6.35% | Jan 1994 | 65 | 12 |
| 1993 | 6.62% | 7.45% | Jan 1993 | 6.05% | Oct 1993 | 74 | 12 |
| 1992 | 7.80% | 8.32% | Mar 1992 | 7.18% | Sep 1992 | 79 | 12 |
| 1991 | 8.86% | 9.39% | Jan 1991 | 8.05% | Dec 1991 | 100 | 12 |
| 1990 | 9.52% | 9.77% | Oct 1990 | 9.18% | Jan 1990 | 97 | 12 |
| 1989 | 9.40% | 10.12% | Mar 1989 | 8.86% | Nov 1989 | n/a | 12 |
| 1988 | 9.68% | 9.94% | Aug 1988 | 9.30% | Feb 1988 | n/a | 12 |
| 1987 | 9.29% | 10.43% | Oct 1987 | 8.21% | Mar 1987 | n/a | 12 |
| 1986 | 9.15% | 10.16% | Jan 1986 | 8.50% | Dec 1986 | n/a | 12 |
| 1985 | 11.50% | 12.46% | Mar 1985 | 10.42% | Dec 1985 | n/a | 12 |
| 1984 | 13.02% | 13.77% | Jun 1984 | 12.29% | Dec 1984 | n/a | 12 |
The table scrolls sideways; the first column stays in place.
Where do these figures come from?Limits, sources and how to cite
What this number cannot tell you
- The HQM curve is a curve Treasury fits to corporate bonds; it is not the yield of any one bond or index. Our collector holds it from January 1984.
- Treasury can revise a month in a later file; this page shows the file as it stands now, and our collector keeps the values it replaced.
- The Treasury average is the plain mean of the daily par yields of the month's business days, worked out here; a term without daily rates in a month has no average and no spread, as the 30-year does from March 2002 to January 2006.
- A year's average is the plain mean of its months, to two decimals.
Sources
Source: U.S. Treasury, HQM Corporate Bond Yield Curve. Observed . Checked .
Source: U.S. Treasury, Daily Treasury Par Yield Curve Rates.
How to cite this
U.S. Treasury, High Quality Market (HQM) Corporate Bond Yield Curve, monthly average par yields, through September 2026, posted 6 October 2026; Treasury par yields from the U.S. Treasury's daily par yield curve rates. Compiled by 500metrics, "What do high-grade corporate bonds yield, and how far above Treasuries?", https://500metrics.com/corporate-bond-yields.
Source: U.S. Treasury, HQM Corporate Bond Yield Curve. Figures for .
Sources and licence
Sources and licence
- U.S. Treasury, High Quality Market (HQM) Corporate Bond Yield Curve (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government
Our text and compilation: CC BY 4.0. How to reuse and cite this page.