#  A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  W  V  X  Y  Z

Gross Spread is the difference between the price underwriter has to pay to the issuer and the price underwriter offers to the public. As a middleman, underwriter must make some profit by charging more to the public than he has to pay to the issuing company.