Option-adjusted spreads (OAS — BDT lattice for callable HY, Z-spread for the rest) · 10 bonds · as of 02 Oct 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›
Basket avg OAS
223 bp
Avg level percentile
74 / 100
Widening — 1w top decile
2 / 10
Stale (no fresh trade)
0 / 10
Investment-Grade average OAS 74 bp(+5 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
5.00
13.40
833
98
+12.6
77
+8.5
45
+290.9*
451–915
122
CoreWeave 9.0Feb-31HY
4.33
12.44
739
88
-0.3
45
-10.4
39
-11.7
416–856
302
Oracle 2.875Mar-31IG
4.48
6.74
169
98
-5.2
8
+19.6
95
+31.3
66–182
440
SpaceX 5.35Jul-31HY
4.78
6.53
146
64
-3.4
17
+11.1
72
+42.0*
104–177
71
Equinix 2.15Jul-30IG
3.78
5.84
82
87
+0.4
55
+6.6
91
+9.8
43–115
440
Digital Realty 3.6Jul-29IG
2.75
5.58
62
36
+0.9
65
+4.7
89
-1.0
47–112
440
Micron 2.703Apr-32IG
5.54
5.73
61
23
+1.1
68
+3.8
77
-10.4
29–160
440
Meta 4.55Aug-31IG
4.87
5.61
53
88
-5.1
3
-1.9
32
+14.4
19–78
440
Amazon 2.1May-31IG
4.61
5.57
50
88
-4.6
5
+3.8
80
+16.9
27–71
440
Alphabet 4.1Feb-31IG
4.37
5.47
41
72
-0.5
42
+0.7
55
-0.5*
-9–51
163
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 2026-10-02T06:01:27.