As a corporate bond analyst, you see a 10-year newly bond issued by Apple trading at a spread to Treasuries of 120bps. This bonds was issued 1-year ago at a spread of 90bps. What was the most likely reason the credit spread widened from 90 to 120bps?

a) Strong demand for the securities caused bond spreads to widen.

b) Strong economic conditions resulted in Apple offering their securities at higher spreads.

c) Risk off sentiment in the market driving the weak performance of equities?