# 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: 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: ``` GET https://docs.praa.ms/return-factors/market-view-bonds.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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.