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Bloomberg Fixed Income Analysis

JESSE H. JONES SCHOOL OF BUSINESS, RICE UNIVERSITY EL PASO CORPORATION FINANCE CENTER Economics and Overview
ECO, ECOS ECST, ECRP WB PX1, BTMM MAPD CDS, GCDS Economic indicators, Economic estimates World econ stats, Chart with economic impact (survey, actual, revised) World Bond Markets US Treasury Summary, Treasury Market Summary Debt volume by sector CDS main menu, browse historical CDS values

Fixed Income Security Types


<GOVT> (F2) <CORP> (F3) <MTGE> (F4) Treasuries Corporates (includes Agencies) Mortgages <M-MKT> (F5) <MUNI> (F6) Money Markets Municipals

US Treasuries
G <GOVT> T <GOVT> S <GOVT> CT10 GT10 PX, PX1, PX2-8 T3
3 8

Displays on-the-run Treas. & YTM Displays Treas. in coupon order Displays Treas. strips Current 10 Yr (CB1,2,3,6,12 CT2,3,5,7,10,30) Generic 10 Yr (CB1,2,3,6,12, GT2,3,5,7,10,30) Agency/Government menu, current & near-off-the-run, later maturity Treas. Load Treas. with 3 3/8 coupon and maturity of 11/15/19

11/15/19 Govt

Yield Curve Analysis


CURV, CURV2 C15 FWCV, FWCM YCRV IYC IYC1 IYC4 IYC6 IYC8, IYC9 FMC FMCH FMCS, FMHS FMCI CURV <Corp> BYOC Main menu for Bloomberg curve functions, most popular curves Historical US Treasury yield curve analysis Forward US Treas. yield curves, Forward US Treas. yield matrix Yield curve analysis by geography, rating, or industry Menu for yield curve analysis Single curve (including Treasuries, Agencies, Swaps) Intraday change yesterday to today Single curve, historical spreads give two dates Historical returns, Horizon return analysis Fair market curves universe of securities divided up into groups Historical fair market curves look at changes in spreads over time Yield spread in table and curve format, historical yield spread Tickers to analyze for curves Bloomberg curve search Build-your-own-curve

Individual Bond Analysis


DES, ISSD CRPR DDIS CN, CN1 GP, GPO, GY YA, YAS PT TRA DURA HZ1-5 SRCH Description of issuer, issuer information & capital structure overview Credit profile rating agency information Issuer debt distribution News for specific issuer, latest news article for specific issuer Historical prices and yields Yield analysis, Yield / spread analysis Price / yield table Total return analysis horizon return given yield shifts Duration analysis changes in duration given yield shifts Horizon analysis Bond search

Relative Value
RV, RVM RVF RVFP CBS COMP Historical yield spread relative to maturity Compares yield to BB fair value curve Compares price to BB fair price Comparable bond spreads Comparative returns

Mortgages
GEO CLC CLD, PDI PDD PDS CFG, CFT CPG, CPH VALL WALG OAS1 Geographic distribution of loans Collateral composition Historical PSA factors History of principal and interest payments Historical payment speeds Project cash flows at different speeds (graph, table) Generic prepayment history (graph, table) Dealer forecasts of speed Weighted average life chart (by dealer) Analyze option adjusted spreads