A lot of people love comparing the bond yields of various countries and drawing broad conclusions — ideally hilarious ones, like the US paying more to borrow than Greece.
The yield on 10-year US Treasury bonds is more than 0.5 percentage point higher than 10-year Italian bonds as well. The 10-year UK gilt yield is almost 2 percentage points higher than 10-year German Bund yields. But are these yield differences actually credit spreads? No. Absolutely not.
Can we mangle all these government bond yields into common currency terms so that the difference can look a bit like a credit spread? Yes, but you need to be a massive bond nerd to do the calcs.
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