GBx · INDEPENDENT BOND RESEARCH

Know what a bond
may be worth.

A transparent, model-driven view of bond price, expected return and risk — with assumptions and scenarios shown alongside the result.

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RESEARCH PLATFORM 01 / 04

THE PURPOSE

One bond.
Several useful lenses.

A rating is only one part of a bond decision. BondScope is being developed to examine fair value, expected return, interest-rate sensitivity, credit risk and the assumptions that connect them.

A CONSISTENT FRAMEWORK

Read the return.
Understand the risk.

01

Expected return

Estimate the return implied by current price, cash flows, maturity and modeled credit outcomes.

02

Expected risk

Bring rate exposure, default assumptions, recovery and liquidity into the same view.

03

Risk-adjusted value

Put modeled reward beside modeled risk and compare it with relevant Treasury yields.

SEE WHAT MOVES THE VIEW

Test a different
set of conditions.

Future reports are designed to show how rate changes, issuer performance and credit spreads can change a bond’s estimated price and risk-reward.

SCENARIO EXAMPLESPLANNED
Federal funds rate+0.25%—
Issuer EBITDA+5%—
Credit spread+100 bps—

Scenario outputs will show method, inputs and limitations.

BondScope is an independent research project. Its modeled estimates are not credit ratings issued by S&P Global Ratings, Moody’s, Bloomberg, Morningstar, Oaktree or another rating provider. It is not investment advice or a recommendation to buy or sell a security. Future reports will identify the data date, methods, assumptions and limitations.