{
 "ticker": "NCSX-IS",
 "name": "NCSX Issuance Spread Index",
 "as_of": "2026-11-04",
 "last_event_date": "2026-07-24",
 "methodology": "v0.2.1-real",
 "doi": "10.5281/zenodo.23983572",
 "generated_at": "2026-11-07T09:47:01+08:00",
 "event_count": 13,
 "span_days": 431,
 "first_event": {
  "date": "2025-05-19",
  "level_bp": 517.7
 },
 "last_event": {
  "date": "2026-07-24",
  "level_bp": 432.3
 },
 "peak": {
  "date": "2025-05-19",
  "level_bp": 517.7
 },
 "trough": {
  "date": "2026-06-16",
  "level_bp": 410.0
 },
 "net_change_bp": -85.4,
 "up_events": 4,
 "down_events": 8,
 "xcheck": {
  "recomputed_bp": 432.29,
  "published_bp": 432.3,
  "diff_bp": -0.01,
  "passed": true
 },
 "definitions": {
  "event": "一次债券定价（pricing date）。同一日多笔算一个事件。",
  "level": "该事件日收盘后（即样本含该券后）的面值加权发行利差，单位 bp。",
  "delta": "level(本次) − level(上一次)。正为走阔，负为收窄。",
  "pull": "单券对本次变动的贡献 = 该券权重 × (该券利差 − 变动前水位)。多券事件相加等于 delta。"
 },
 "notes": [
  "每个点是一次定价，不是收盘价——事件驱动指数没有日变动。",
  "样本只增不减：已发行的券不会因季节或流动性被剔除，指数因此是「发行定价的累计平均」。",
  "指数不是市场指数：它衡量的是「新发债的定价水平」，不随二级市场成交波动。"
 ],
 "limits": "本文件只陈述公开可申报条款的算术结果：不做信用评级、不做违约预测、不评估再融资能力、不构成投资建议。回放不含已到期/已赎回情形（样本期内无到期券）。",
 "series": [
  {
   "date": "2025-05-19",
   "level_bp": 517.7,
   "delta_bp": null,
   "bond_count": 1,
   "notional_mm": 2000,
   "added": [
    {
     "ticker": "CRWV",
     "coupon": 9.25,
     "maturity": "2030-06-01",
     "sen": "senior unsecured",
     "size_mm": 2000,
     "spread_bp": 517.7,
     "weight_after_pct": 100.0,
     "pull_bp": null,
     "src": "https://www.sec.gov/Archives/edgar/data/1769628/000162828026062362/coreweave-424b5.htm"
    }
   ]
  },
  {
   "date": "2025-07-22",
   "level_bp": 512.4,
   "delta_bp": -5.3,
   "bond_count": 2,
   "notional_mm": 3750,
   "added": [
    {
     "ticker": "CRWV",
     "coupon": 9.0,
     "maturity": "2031-02-01",
     "sen": "senior unsecured",
     "size_mm": 1750,
     "spread_bp": 506.4,
     "weight_after_pct": 46.67,
     "pull_bp": -5.27,
     "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
    }
   ]
  },
  {
   "date": "2025-10-30",
   "level_bp": 461.9,
   "delta_bp": -50.6,
   "bond_count": 3,
   "notional_mm": 6950,
   "added": [
    {
     "ticker": "WULF",
     "coupon": 7.75,
     "maturity": "2030-11-15",
     "sen": "senior secured",
     "size_mm": 3200,
     "spread_bp": 402.6,
     "weight_after_pct": 46.04,
     "pull_bp": -50.57,
     "src": "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
    }
   ]
  },
  {
   "date": "2025-11-06",
   "level_bp": 441.9,
   "delta_bp": -19.9,
   "bond_count": 4,
   "notional_mm": 8350,
   "added": [
    {
     "ticker": "CIFR",
     "coupon": 7.125,
     "maturity": "2030-12-01",
     "sen": "senior secured",
     "size_mm": 1400,
     "spread_bp": 342.9,
     "weight_after_pct": 16.77,
     "pull_bp": -19.95,
     "src": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
    }
   ]
  },
  {
   "date": "2025-11-14",
   "level_bp": 465.8,
   "delta_bp": 23.9,
   "bond_count": 5,
   "notional_mm": 10700,
   "added": [
    {
     "ticker": "APLD",
     "coupon": 9.25,
     "maturity": "2030-12-01",
     "sen": "senior secured",
     "size_mm": 2350,
     "spread_bp": 550.6,
     "weight_after_pct": 21.96,
     "pull_bp": 23.87,
     "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
    }
   ]
  },
  {
   "date": "2026-02-05",
   "level_bp": 429.9,
   "delta_bp": -35.9,
   "bond_count": 6,
   "notional_mm": 12700,
   "added": [
    {
     "ticker": "CIFR",
     "coupon": 6.125,
     "maturity": "2031-03-01",
     "sen": "senior secured",
     "size_mm": 2000,
     "spread_bp": 237.8,
     "weight_after_pct": 15.75,
     "pull_bp": -35.9,
     "src": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
    }
   ]
  },
  {
   "date": "2026-03-04",
   "level_bp": 412.2,
   "delta_bp": -17.6,
   "bond_count": 7,
   "notional_mm": 14850,
   "added": [
    {
     "ticker": "APLD",
     "coupon": 6.75,
     "maturity": "2031-03-01",
     "sen": "senior secured",
     "size_mm": 2150,
     "spread_bp": 308.1,
     "weight_after_pct": 14.48,
     "pull_bp": -17.63,
     "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
    }
   ]
  },
  {
   "date": "2026-04-15",
   "level_bp": 438.6,
   "delta_bp": 26.3,
   "bond_count": 8,
   "notional_mm": 17600,
   "added": [
    {
     "ticker": "CRWV",
     "coupon": 9.75,
     "maturity": "2031-10-01",
     "sen": "senior unsecured",
     "size_mm": 2750,
     "spread_bp": 580.8,
     "weight_after_pct": 15.62,
     "pull_bp": 26.34,
     "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
    }
   ]
  },
  {
   "date": "2026-05-06",
   "level_bp": 428.7,
   "delta_bp": -9.9,
   "bond_count": 9,
   "notional_mm": 20900,
   "added": [
    {
     "ticker": "CORZ",
     "coupon": 7.75,
     "maturity": "2031-05-01",
     "sen": "senior secured",
     "size_mm": 3300,
     "spread_bp": 376.1,
     "weight_after_pct": 15.79,
     "pull_bp": -9.87,
     "src": "https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm"
    }
   ]
  },
  {
   "date": "2026-06-09",
   "level_bp": 419.2,
   "delta_bp": -9.5,
   "bond_count": 10,
   "notional_mm": 21710,
   "added": [
    {
     "ticker": "CIFR",
     "coupon": 6.0,
     "maturity": "2031-06-15",
     "sen": "senior secured",
     "size_mm": 810,
     "spread_bp": 173.9,
     "weight_after_pct": 3.73,
     "pull_bp": -9.51,
     "src": "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
    }
   ]
  },
  {
   "date": "2026-06-16",
   "level_bp": 410.0,
   "delta_bp": -9.2,
   "bond_count": 11,
   "notional_mm": 23300,
   "added": [
    {
     "ticker": "APLD",
     "coupon": 7.0,
     "maturity": "2031-06-15",
     "sen": "senior secured",
     "size_mm": 1590,
     "spread_bp": 284.0,
     "weight_after_pct": 6.82,
     "pull_bp": -9.23,
     "src": "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm"
    }
   ]
  },
  {
   "date": "2026-06-18",
   "level_bp": 416.3,
   "delta_bp": 6.3,
   "bond_count": 12,
   "notional_mm": 24550,
   "added": [
    {
     "ticker": "CRWV",
     "coupon": 9.625,
     "maturity": "2032-07-15",
     "sen": "senior unsecured",
     "size_mm": 1250,
     "spread_bp": 533.6,
     "weight_after_pct": 5.09,
     "pull_bp": 6.29,
     "src": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
    }
   ]
  },
  {
   "date": "2026-07-24",
   "level_bp": 432.3,
   "delta_bp": 16.0,
   "bond_count": 13,
   "notional_mm": 28057,
   "added": [
    {
     "ticker": "GLXY",
     "coupon": 9.875,
     "maturity": "2031-08-01",
     "sen": "senior secured",
     "size_mm": 3507,
     "spread_bp": 544.4,
     "weight_after_pct": 12.5,
     "pull_bp": 16.01,
     "src": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm"
    }
   ]
  }
 ]
}