1. What is a swap spread?

1. The difference in yield between the fixed rate on a swap and the yield of an equal maturity US Treasury.
2. The difference in yield on LIBOR and the fixed rate on a swap.
3. The difference in yield on SOFR and LIBOR.
4. The difference in yield between a BBB rated corporate bond and the payments in a CDS contract on that corporation.
5. The difference in yield between LIBOR and 90-day T-Bills.