According to the ICE Bank of America Index, the average yield spread of US corporate bonds over US Treasury bonds has widened by approximately 400 basis points over the course of March 2020. This widening is attributed to investors’ concerns on coronavirus outbreak and its fallout on US economy. Critically discuss the factors that contributed to the widening of the yield spread between the US corporate bonds and the US Treasury bonds in March 2020, relating your discussion to the components of credit spread.