Fair value. Comparables. Concession. In real time.

Live commentary on EUR, USD and UK new issuance — Corporates, SSAs, Govies, HY and EM.

What we cover

Meaningful deals: fair value frameworks, new issue concession versus secondary curves and comprehensive grey market indications.

Who we are

A team of analysts — sell-side, buy-side, research, trading — sharing market commentary publicly instead of in a Bloomberg chat. Free, ad-free, no paywall.

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General market commentary for educational purposes. Not investment advice, not a recommendation or solicitation, and not regulated investment research. Authors may hold or trade positions in instruments discussed and may have participated in their primary issuance. Information believed reliable but not warranted. Do your own work and consult your own advisors.

All analysis is derived solely from publicly available information, including observation of secondary market levels, at the time of writing. The site does not publish deal-team materials, allocation information, or any other non-public information.

Views are the authors' own and do not represent those of any employer or affiliated entity.

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