Still, with yield spreads at issue over Swiss franc long-term bonds varying from about 2¼ per cent in 1983 to about 1¼ per cent by 1986, and lower spreads relative to German bonds, the data shown in Figure 3 suggest that the bulk of the raw spread perhaps as much as 5–6% relative to German bonds – should be thought of as a credit/default spread, the remainder being devaluation risk.
BIS central bankers’ speeches  3  The figure shows two sets of data, shown with triangles and squares respectively.