Option-adjusted spreads (OAS — BDT lattice for callable HY, Z-spread for the rest) · 10 bonds · as of 25 Sep 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›
Basket avg OAS
219 bp
Avg level percentile
64 / 100
Widening — 1w top decile
1 / 10
Stale (no fresh trade)
0 / 10
Investment-Grade average OAS 69 bp(-1 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
5.02
13.22
824
97
+31.6
93
+75.4
95
+282.4*
451–915
117
CoreWeave 9.0Feb-31HY
4.35
12.47
749
92
+26.9
88
+56.5
86
-1.3
416–856
297
Oracle 2.875Mar-31IG
4.50
6.46
149
89
-3.1
17
+0.3
51
+11.7
66–182
435
SpaceX 5.35Jul-31HY
4.80
6.34
135
25
+0.5
53
-2.6
43
+30.9*
104–177
66
Equinix 2.15Jul-30IG
3.80
5.72
75
60
+1.3
68
-5.9
10
+3.2
43–115
435
Micron 2.703Apr-32IG
5.56
5.58
57
15
+0.5
62
-4.9
24
-14.2
29–160
435
Digital Realty 3.6Jul-29IG
2.77
5.51
57
20
-5.2
4
-5.9
10
-5.7
47–112
435
Meta 4.55Aug-31IG
4.89
5.53
55
90
+5.8
97
-2.3
28
+16.3
19–78
435
Amazon 2.1May-31IG
4.63
5.44
46
83
+0.2
52
-6.4
9
+13.1
27–71
435
Alphabet 4.1Feb-31IG
4.39
5.38
40
70
+2.2
80
-6.8
12
-1.2*
-9–51
158
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 2026-09-25T06:00:24.