Let's look at the relationship between the credit spread and time to maturity.

This chart shows the term structure of credit spreads by comparing the yield to maturity, the YTM for government bonds and investment grade corporate bonds across various maturities.

Here, the credit spread is effectively represented by the vertical difference between the two lines, the yields on corporate bonds and those on government bonds.

This spread reflects the additional compensation that investors demand for taking on the credit risk associated with corporate bonds, which generally lack the credit risk-free status attributed to government bonds.

As we move further out on the maturity spectrum, the gap between the two lines widens indicating that longer term corporate bonds typically have higher credit spreads compared to shorter term ones.

This so-called credit spread term structure is typically upward sloping, meaning that investors require higher spreads to compensate for the greater uncertainty and risk associated with longer maturities.

Over a longer timeframe, there is more potential for changes in the issuer's credit worthiness and in wider economic conditions.

However, while the upward slope is common, it's worth noting that the term structure can vary based on market conditions and investor sentiments.