Option-adjusted spreads (OAS — BDT lattice for callable HY, Z-spread for the rest) · 10 bonds · as of 08 Sep 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›
Basket avg OAS
222 bp
Avg level percentile
78 / 100
Widening — 1w top decile
0 / 10
Stale (no fresh trade)
0 / 10
Investment-Grade average OAS 75 bp(+6 bp since 31 Dec 2025)
Mean OAS of the 7 IG bonds — all names except CoreWeave & SpaceX · since 31 Dec 2025
← swipe the table sideways for changes, trend & history →
CURRENT
LEVEL
1-DAY Δ
1-WEEK Δ
YTD
HISTORY
Issuer / coupon / maturity
Yrs
Yield %
OAS bp
%ile
Δbp
%ile
Δbp
%ile
Δbp
range bp
trend (last 90)
n
CoreWeave 9.75Oct-31HY
5.06
12.53
803
95
+0.4
44
+18.8
53
+261.4*
451–915
107
CoreWeave 9.0Feb-31HY
4.40
11.97
750
92
+0.4
47
+14.6
57
-0.3
416–856
287
Oracle 2.875Mar-31IG
4.54
6.09
161
96
+0.6
57
-6.4
16
+23.6
66–182
425
SpaceX 5.35Jul-31HY⚠
4.85
5.92
142
–
+0.2
–
-2.1
–
+38.1*
104–177
56
Equinix 2.15Jul-30IG
3.85
5.26
81
86
+0.7
60
+5.4
87
+9.0
53–115
425
Micron 2.703Apr-32IG
5.60
5.17
62
26
+0.3
61
+2.3
68
-9.2
29–160
425
Meta 4.55Aug-31IG
4.93
5.13
62
94
+0.1
53
+1.4
63
+23.1
26–78
425
Digital Realty 3.6Jul-29IG
2.81
4.97
59
26
+0.4
60
+3.8
85
-4.2
49–112
425
Amazon 2.1May-31IG
4.67
5.01
52
93
+0.5
57
+0.8
57
+18.9
27–71
425
Alphabet 4.1Feb-31IG
4.44
4.97
48
95
+0.2
53
+4.5
80
+7.4*
-9–51
148
Level %ile tight wide (stress)Δ %ile widening tighteningno trade Nd carried forward — no FINRA trade in N days⚠ short history (n<60)* YTD since issue
Newsworthy — last 48h
No qualifying items in the last 48h (or news step skipped).
Method. OAS = option-adjusted spread over the bootstrapped US Treasury zero curve (from FRED CMT par yields) that reprices each bond's cash flows to its FINRA clean price. For the callable high-yield names (CoreWeave, SpaceX) the embedded call is valued on a Black-Derman-Toy short-rate lattice (CMT curve, lognormal vol per name) and its cost subtracted; the remaining bonds' calls are out-of-the-money (par-call near maturity) so their OAS equals the Z-spread to within a fraction of a bp. Illiquid bonds without a fresh TRACE print carry their last price forward, flagged no trade Nd. Level %ile = today's OAS within the bond's own history; Δ %ile = today's 1d/1w change within all historical same-horizon changes (100 = most extreme widening); PERCENTRANK.INC, suppressed below n=60. The trend sparkline spans each bond's last 90 sessions (shorter if its history is shorter) so all names cover a common window. Watch HY (CoreWeave, SpaceX) blowing out while IG (Meta, Oracle) holds — that divergence is the funding-stress tell. Generated 2026-09-08T06:00:56.