Suppose a client observes the following two benchmark spreads for two bonds:

Bond issue $U$ rated $A$ : $150$ basis points

Bond issue $V$ rated BBB: $135$ basis points

Your client is confused because he thought the lower$-$rated bond $($bond V$)$ should

offer a higher benchmark spread than the higher$-$rated bond $($bond U$).$ Explain why the benchmark spread may be lower for bond $U.$