Indeed, there is a relationship and arbitrage is a connection. It is arbitrage that directs the flow of credit expansion from its primary areas which is generated by bank credit creation into related areas.
https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield
https://www.treasury.gov/resource-center/economic-policy/corp-bond-yield/Pages/Corp-Yield-Bond-Curve-Papers.aspx
