The $1,000 bonds of ANZ, issued 5 years ago with a coupon rate of 5.4% paid semi-annually, currently have a yield-to-maturity of 3.75%, which means they are trading for $1,136.54. At the same time, Treasury bonds with the same term to maturity are trading for $1,107.49, which means they have a yield-to-maturity of 0.87%. Considering this information, what is the credit spread on ANZ bonds?

Group of answer choices

2.88%

we can not answer this question without knowing the term to maturity of the bonds

3.63%

5.4%