← SkillSafe / Spread Desk

Is this bond rich or cheap, and what would change the call?

Paste a bond's coupon, maturity and price with the government curve. Your browser works out the yield, duration and DV01, the G-spread and I-spread, how much of the spread the issuer's credit curve explains and what is left over, the gap to a line through comparable bonds, where the spread sits in its own history, and what a rate shock does to the price. All free, before you sign in. Then the desk reviews the bond like a relative value analyst would, and every number it writes is checked against your sheet.

Each example comes with a saved review, so you can see the whole page for free. The bonds, curves and spreads are illustrative, not market data.

Bond

Dates as 2033-05-15, 15-May-2033 or 05/15/2033; a price as 100.55 or in 32nds (99-16+). Tenors as 3M, 2Y, 10Y, 2 YR or a number of years; a header line is skipped and a decimal comma (3,62) is read. Yields and rates in percent, spreads in basis points (a credit column that tops out at 5 is read as percent). Curves are interpolated linearly in years and held flat beyond their ends. The page prices a bullet: no calls, sinks or floaters.

Drop a bond .json saved from this page, or a spread history or curve (.csv/.txt), or
Paste a bond and the government curve to see what the review costs.

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What this does, and what it does not

The bond is a fixed-coupon bullet. Coupon dates run backward from maturity; accrued interest uses the day count you pick; the yield is solved from the clean price plus accrued (or the price from the yield) on the street convention, compounded at the coupon frequency. Duration, convexity and DV01 come from the same cash flows. The G-spread is the yield minus the government curve at the bond's maturity, interpolated linearly in years and held flat beyond the curve's ends; the I-spread does the same against swaps. With a peer credit curve the G-spread splits into the curve's spread at that maturity and a residual, the part that liquidity, technicals and anything issuer-specific must explain: a residual of +10 bp or more reads cheap, -10 bp or less rich. Comps are fitted with a least-squares line of G-spread against maturity (a line through two, a level for one) and the bond's gap to that line is called the same way; a history gives a z-score, cheap at +1.00 or more. The first available of the three is the primary call, and the sheet says how many bp of spread tightening or widening would move it. Rate scenarios reprice the bond at parallel yield shifts of -100 to +100 bp.

It does not know market levels, ratings, liquidity, the new-issue calendar or any history you did not paste, and it compares yields as quoted, with no compounding conversion between the bond and the curves. It does not price calls, puts, sinking funds or floaters, and it has no Z-spread or OAS (paste those as the history only if the G-spread is not what you track, and the sheet will flag the mismatch). The review explains and challenges; it does not tell anyone to trade. Derived from the agent skill @anthropics/bond-relative-value (anthropics/financial-services-plugins, Apache-2.0). The example bonds are illustrative.