> For the complete documentation index, see [llms.txt](https://docs.praa.ms/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.praa.ms/return-factors/market-view-bonds.md). # Market view (bonds) Unlike stocks, which external analysts often cover, this is a rare case for bonds. So, for bonds, we compare the bond’s yield spread to its ‘fair’ spread. The bond’s spread is a hierarchy of z-spread, I-spread (interpolated for maturities) and G-spread (to the nearest benchmark curve maturity). The ‘fair’ spread is an implied ‘average’ spread (in the same hierarchy, estimated through standard spread-overall risk OLS/MLE regressions) by the relevant peers, i.e., the bonds with a similar overall risk profile and in the same currency. The bonds with the highest ‘excess spread’ receive the highest score (7 out of 7), while those with very ‘expensive’ receive the lowest score (1 out of 7). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.praa.ms/return-factors/market-view-bonds.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.