risikospread

Risikospread, or risk spread, is a financial measure of the extra return investors require to hold a riskier asset relative to a risk-free reference. It is commonly expressed as a yield difference between a risky instrument, such as a corporate bond, and a risk-free benchmark of similar maturity, such as government bonds.

Calculation: Risikospread = yield of the risky asset − yield of the risk-free benchmark for the same maturity. It is typically quoted in basis points. The spread captures credit risk, liquidity risk, and other premia demanded by investors for bearing uncertainty.

Common variants include credit spreads, liquidity spreads, and option-adjusted spreads (OAS) for securities with embedded options. The spread level depends on credit quality, sector, liquidity, and macro conditions. Spreads can also reflect country risk, regulatory changes, and funding costs.

In practice, risikospread is used to price assets, assess market sentiment, and gauge risk appetite. A widening spread indicates increasing perceived risk or stress and lowers asset values; a narrowing spread suggests improving conditions or demand for credit. In risk management, spread risk measures a portfolio's sensitivity to changes in spreads.

See also: credit spread, yield spread, basis points, spread risk.