OAS fair value, delivered every five minutes
The Deep MM pricing signal is a model-derived option-adjusted spread estimate for each covered bond, updated continuously from live TRACE, dealer axis, and cross-asset data.
What the signal is and what it is not
The Deep MM signal is a model-derived fair value, not a quoted price. It is the spread level at which a transaction would clear given current market conditions, derived entirely from observable signals.
Option-adjusted spread in basis points. Accounts for embedded options, call schedules, and sinking fund provisions. Comparable across the entire coverage universe.
Indicative bid and ask OAS estimates flanking the fair value. Width reflects current liquidity conditions for each CUSIP based on recent print frequency.
A 0.0 to 1.0 model confidence value per signal output. Higher confidence when recent prints are available; lower when the model relies more heavily on cross-asset inference.
Where we concentrate. Why it matters.
Deep MM prioritizes the bonds that pricing services ignore: off-the-run issues with infrequent trade prints, where the need for a reliable fair value is highest.
- USD investment grade corporates: financials and non-financials, on-the-run and off-the-run. 2,000+ CUSIPs in beta coverage.
- USD high yield single-name corporates including stressed credits. HY-specific liquidity regime model applied separately from IG.
- Hard-currency EM corporates in frontier markets. Separate model regime with sovereign risk integration.
- Coverage expands as new TRACE and axis data becomes available. Floor License and Enterprise clients receive CUSIP extension requests.
REST API or web terminal. Your choice.
Desk Access includes the web terminal. Floor License and Enterprise clients also receive REST API access with JSON delivery, suitable for direct feed into pricing systems and risk engines.
A single authenticated GET request returns the current signal for any covered CUSIP. Responses are JSON. Authentication is Bearer token. Rate limits are generous for institutional polling intervals.
Historical signals are available via the /history endpoint for archive depth matching your tier. Batch endpoints support up to 200 CUSIPs per call.
"cusip": "38141GXZ2",
"issuer_name": "Hartwell Financial Corp",
"fair_value_oas": 138,
"bid_oas_estimate": 141,
"ask_oas_estimate": 135,
"confidence_score": 0.87,
"last_updated": "2026-07-10T09:47:22Z"Get the signal for your desk
Request access to the Deep MM pricing terminal. Early access open for institutional desks.