{
 "ticker": "NCSX-IS",
 "name": "NCSX Issuance Spread Index",
 "as_of": "2026-11-04",
 "methodology": "v0.2.1-real",
 "doi": "10.5281/zenodo.23983572",
 "generated_at": "2026-11-07T09:45:02+08:00",
 "fact_count": 16,
 "xcheck": {
  "recomputed_bp": 432.29,
  "published_bp": 432.3,
  "diff_bp": -0.01,
  "passed": true
 },
 "definitions": {
  "bp": "1bp = 0.01 个百分点",
  "issue_spread": "票息 − 定价日同期限国债插值，单位 bp，发行时点定价，之后不变",
  "marks": "N-PORT 季报中的 Level 2 估值隐含利差，非成交价"
 },
 "limits": "本文件只陈述公开可核验的算术结果：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。发行利差是发行时点定价，不含二级市场成交价；估值层为季末基金申报值，滞后于市场。",
 "facts": [
  {
   "id": "index_level",
   "label_zh": "NCSX-IS 指数水位",
   "label_en": "NCSX-IS index level",
   "value": 432.3,
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "Σ(面值_i × issue_spread_bp_i) / Σ 面值_i，其中 issue_spread_bp_i = (票息_i − 定价日同期限国债_i) × 100",
   "source": "https://spreadbench.com/api/v1/real/index.json",
   "group": "index",
   "calc_en": "Σ(face_i × issue_spread_bp_i) / Σ face_i, where issue_spread_bp_i = (coupon_i − UST at pricing_i) × 100",
   "display_zh": "432.3bp",
   "display_en": "432.3bp",
   "cite_zh": "NCSX-IS 指数水位：432.3bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "NCSX-IS index level: 432.3bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "secured_level",
   "label_zh": "担保债券子集水位",
   "label_en": "Senior secured subset level",
   "value": 391.2,
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "同上，仅取 senior secured 券（9 只 / $20.31B）",
   "source": "https://spreadbench.com/api/v1/real/index.json",
   "group": "index",
   "calc_en": "Same, senior secured bonds only (9 bonds / $20.31B)",
   "display_zh": "391.2bp",
   "display_en": "391.2bp",
   "cite_zh": "担保债券子集水位：391.2bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Senior secured subset level: 391.2bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "unsecured_level",
   "label_zh": "无担保债券子集水位",
   "label_en": "Senior unsecured subset level",
   "value": 540.1,
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "同上，仅取 senior unsecured 券（4 只 / $7.75B）",
   "source": "https://spreadbench.com/api/v1/real/index.json",
   "group": "index",
   "calc_en": "Same, senior unsecured bonds only (4 bonds / $7.75B)",
   "display_zh": "540.1bp",
   "display_en": "540.1bp",
   "cite_zh": "无担保债券子集水位：540.1bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Senior unsecured subset level: 540.1bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "structure_premium",
   "label_zh": "担保结构溢价（无担保 − 担保）",
   "label_en": "Structure premium (unsecured minus secured)",
   "value": 148.9,
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "无担保子集水位 540.1bp − 担保子集水位 391.2bp（均取 index.json 发布值，保证与公布数字可直接核对；逐券现算值 148.95bp）",
   "source": "https://spreadbench.com/api/v1/real/index.json",
   "group": "index",
   "calc_en": "Unsecured subset level 540.1bp − secured subset level 391.2bp (published values, so it ties to the headline numbers; bond-by-bond recomputation gives 148.95bp)",
   "display_zh": "148.9bp",
   "display_en": "148.9bp",
   "cite_zh": "担保结构溢价（无担保 − 担保）：148.9bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Structure premium (unsecured minus secured): 148.9bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "universe_size",
   "label_zh": "指数覆盖范围",
   "label_en": "Universe coverage",
   "value": {
    "bonds": 13,
    "issuers": 6,
    "notional_mm": 28057,
    "notional_bn": 28.06
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "成分券逐条加总（face value 相加，按 ticker 去重得发行人数）",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "index",
   "calc_en": "Face values summed over constituents; issuer count is distinct tickers",
   "display_zh": "13 只券 / 6 家发行人 / $28.06B",
   "display_en": "13 bonds / 6 issuers / $28.06B",
   "cite_zh": "指数覆盖范围：13 只券 / 6 家发行人 / $28.06B（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Universe coverage: 13 bonds / 6 issuers / $28.06B (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "spread_range",
   "label_zh": "逐券利差区间",
   "label_en": "Per-bond spread range",
   "value": {
    "min": {
     "ticker": "CIFR",
     "coupon": 6.0,
     "maturity": "2031-06-15",
     "spread_bp": 173.9
    },
    "max": {
     "ticker": "CRWV",
     "coupon": 9.75,
     "maturity": "2031-10-01",
     "spread_bp": 580.8
    },
    "range_bp": 406.9
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "13 只券按 issue_spread_bp 取最小/最大",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "index",
   "calc_en": "Min / max issue_spread_bp across the 13 bonds",
   "display_zh": "最窄 CIFR 6% '31 173.9bp — 最宽 CRWV 9.75% '31 580.8bp（区间 406.9bp）",
   "display_en": "tightest CIFR 6% '31 173.9bp - widest CRWV 9.75% '31 580.8bp (range 406.9bp)",
   "cite_zh": "逐券利差区间：最窄 CIFR 6% '31 173.9bp — 最宽 CRWV 9.75% '31 580.8bp（区间 406.9bp）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Per-bond spread range: tightest CIFR 6% '31 173.9bp - widest CRWV 9.75% '31 580.8bp (range 406.9bp) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "peak_maturity_year",
   "label_zh": "到期峰值年",
   "label_en": "Peak maturity year",
   "value": {
    "year": 2031,
    "bonds": 8,
    "notional_mm": 17857,
    "notional_bn": 17.86,
    "share_of_index_pct": 63.6
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "按 maturity 年份分组求面值和，取最大年，占比为该年面值 / 全样本面值",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "maturity",
   "calc_en": "Group face values by maturity year and take the largest; share = that year / total face value",
   "display_zh": "2031 年，8 只券 / $17.86B（占指数 63.6%）",
   "display_en": "2031, 8 bonds / $17.86B (63.6% of index)",
   "cite_zh": "到期峰值年：2031 年，8 只券 / $17.86B（占指数 63.6%）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Peak maturity year: 2031, 8 bonds / $17.86B (63.6% of index) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "peak_year_2026_issued",
   "label_zh": "峰值年中在 2026 年发行的部分",
   "label_en": "Portion of peak year priced in 2026",
   "value": {
    "bonds": 7,
    "notional_mm": 16107,
    "notional_bn": 16.11,
    "share_of_peak_pct": 90.2
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "峰值年内筛 pricing 以 2026 开头的券，面值加总 / 峰值年面值",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "maturity",
   "calc_en": "Within the peak year, bonds whose pricing date falls in 2026; sum / peak-year face value",
   "display_zh": "2026 年定价 7 只 / $16.11B（占峰值年 90.2%）",
   "display_en": "7 priced in 2026 / $16.11B (90.2% of the peak year)",
   "cite_zh": "峰值年中在 2026 年发行的部分：2026 年定价 7 只 / $16.11B（占峰值年 90.2%）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Portion of peak year priced in 2026: 7 priced in 2026 / $16.11B (90.2% of the peak year) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "maturity_2030",
   "label_zh": "2030 年到期总量",
   "label_en": "2030 maturities",
   "value": {
    "bonds": 4,
    "notional_mm": 8950,
    "notional_bn": 8.95,
    "share_of_index_pct": 31.9,
    "tenor_years": [
     5.03,
     5.04,
     5.05,
     5.07
    ]
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "按 maturity 年份 == 2030 筛选后加总面值",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "maturity",
   "calc_en": "Filter maturity year == 2030 and sum face values",
   "display_zh": "4 只券 / $8.95B（占指数 31.9%），期限全为整 5 年（5.03–5.07）",
   "display_en": "4 bonds / $8.95B (31.9% of index), all straight 5-year (5.03-5.07)",
   "cite_zh": "2030 年到期总量：4 只券 / $8.95B（占指数 31.9%），期限全为整 5 年（5.03–5.07）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "2030 maturities: 4 bonds / $8.95B (31.9% of index), all straight 5-year (5.03-5.07) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "maturity_2030_window",
   "label_zh": "2030 年 11–12 月的集中到期",
   "label_en": "Concentrated 2030 maturities in Nov-Dec",
   "value": {
    "from": "2030-11-15",
    "to": "2030-12-01",
    "bonds": 3,
    "tickers": [
     "APLD",
     "CIFR",
     "WULF"
    ],
    "notional_mm": 6950,
    "notional_bn": 6.95
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "2030 年内筛 maturity ≥ 11-15，面值加总；窗口 = 最早到期日到 12-01",
   "source": "https://spreadbench.com/api/v1/real/universe.json",
   "group": "maturity",
   "calc_en": "Within 2030, bonds maturing on or after Nov 15; the window runs through Dec 1",
   "display_zh": "3 只（APLD、CIFR、WULF）合计 $6.95B 挤在 2030-11-15 至 2030-12-01 的 17 天内到期",
   "display_en": "3 bonds (APLD, CIFR, WULF) totaling $6.95B mature within 17 days, 2030-11-15 to 2030-12-01",
   "cite_zh": "2030 年 11–12 月的集中到期：3 只（APLD、CIFR、WULF）合计 $6.95B 挤在 2030-11-15 至 2030-12-01 的 17 天内到期（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Concentrated 2030 maturities in Nov-Dec: 3 bonds (APLD, CIFR, WULF) totaling $6.95B mature within 17 days, 2030-11-15 to 2030-12-01 (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "marks_coverage",
   "label_zh": "N-PORT 估值层覆盖",
   "label_en": "N-PORT marks coverage",
   "value": {
    "period": "2026-08-31",
    "bonds": 7,
    "notional_mm": 15367,
    "notional_bn": 15.37,
    "bonds_in_index": 13,
    "quote_count": 75
   },
   "unit": "mixed",
   "as_of": "2026-11-04",
   "calc": "marks.json 逐券基金数加总；面值取同券 universe 面值",
   "source": "https://spreadbench.com/api/v1/real/marks.json",
   "note": "N-PORT 为季度估值（Level 2），非成交价",
   "group": "marks",
   "calc_en": "Fund counts summed over marks.json; face values taken from the same bonds in universe",
   "display_zh": "7 只券 / $15.37B，2026-08-31 季末，75 条基金报价",
   "display_en": "7 bonds / $15.37B, period 2026-08-31, 75 fund quotes",
   "cite_zh": "N-PORT 估值层覆盖：7 只券 / $15.37B，2026-08-31 季末，75 条基金报价（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "N-PORT marks coverage: 7 bonds / $15.37B, period 2026-08-31, 75 fund quotes (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "marks_weighted_spread",
   "label_zh": "估值层面值加权隐含利差",
   "label_en": "Marks-layer face-weighted implied spread",
   "value": {
    "implied_bp": 616.4,
    "issuance_bp": 486.6,
    "delta_bp": 129.8
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "Σ(面值 × marks 隐含利差) / Σ 面值，与同批券发行利差加权值对比",
   "source": "https://spreadbench.com/api/v1/real/marks.json",
   "group": "marks",
   "calc_en": "Σ(face × marks implied spread) / Σ face, compared with the same bonds at issuance",
   "display_zh": "616.4bp（同批券发行 486.6bp，+129.8bp）",
   "display_en": "616.4bp (issuance of the same bonds 486.6bp, +129.8bp)",
   "cite_zh": "估值层面值加权隐含利差：616.4bp（同批券发行 486.6bp，+129.8bp）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Marks-layer face-weighted implied spread: 616.4bp (issuance of the same bonds 486.6bp, +129.8bp) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "crwv_repricing",
   "label_zh": "CoreWeave 四只券重定价（面值加权）",
   "label_en": "CoreWeave four-bond repricing (face-weighted)",
   "value": {
    "delta_bp": 231.4,
    "bonds": 4,
    "notional_mm": 7750,
    "bonds_detail": [
     {
      "coupon": 9.75,
      "maturity": "2031-10-01",
      "issuance_bp": 580.8,
      "marks_bp": 817.5,
      "delta_bp": 236.7,
      "funds": 13
     },
     {
      "coupon": 9.25,
      "maturity": "2030-06-01",
      "issuance_bp": 517.7,
      "marks_bp": 709.2,
      "delta_bp": 191.5,
      "funds": 8
     },
     {
      "coupon": 9.0,
      "maturity": "2031-02-01",
      "issuance_bp": 506.4,
      "marks_bp": 756.3,
      "delta_bp": 249.9,
      "funds": 9
     },
     {
      "coupon": 9.625,
      "maturity": "2032-07-15",
      "issuance_bp": 533.6,
      "marks_bp": 791.3,
      "delta_bp": 257.7,
      "funds": 11
     }
    ]
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "逐券 (marks 隐含利差 − 发行利差)，按面值加权",
   "source": "https://spreadbench.com/api/v1/real/marks.json",
   "group": "marks",
   "calc_en": "Per bond (marks implied spread − issuance spread), face-weighted",
   "display_zh": "+231.4bp（4 只券 / $7.75B，单券 +191.5 至 +257.7bp）",
   "display_en": "+231.4bp (4 bonds / $7.75B, single-bond +191.5 to +257.7bp)",
   "cite_zh": "CoreWeave 四只券重定价（面值加权）：+231.4bp（4 只券 / $7.75B，单券 +191.5 至 +257.7bp）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "CoreWeave four-bond repricing (face-weighted): +231.4bp (4 bonds / $7.75B, single-bond +191.5 to +257.7bp) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "peer_repricing",
   "label_zh": "同批非 CoreWeave 券重定价",
   "label_en": "Non-CoreWeave repricing in the same marks set",
   "value": {
    "items": [
     {
      "ticker": "GLXY",
      "funds": 11,
      "delta_bp": 17.6
     },
     {
      "ticker": "CORZ",
      "funds": 10,
      "delta_bp": 32.4
     },
     {
      "ticker": "CIFR",
      "funds": 13,
      "delta_bp": 40.7
     }
    ],
    "max_delta_bp": 40.7
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "同上口径，筛 ticker != CRWV",
   "source": "https://spreadbench.com/api/v1/real/marks.json",
   "group": "marks",
   "calc_en": "Same method, tickers other than CRWV",
   "display_zh": "GLXY +17.6bp / CORZ +32.4bp / CIFR +40.7bp",
   "display_en": "GLXY +17.6bp / CORZ +32.4bp / CIFR +40.7bp",
   "cite_zh": "同批非 CoreWeave 券重定价：GLXY +17.6bp / CORZ +32.4bp / CIFR +40.7bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Non-CoreWeave repricing in the same marks set: GLXY +17.6bp / CORZ +32.4bp / CIFR +40.7bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "vs_us_hy_oas",
   "label_zh": "相对美国高收益整体（HY OAS）的溢价",
   "label_en": "Premium over US HY OAS",
   "value": {
    "ncsx_bp": 432.3,
    "hy_oas_bp": 332.0,
    "premium_bp": 100.3,
    "sector_date": "2026-11-04"
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "NCSX-IS 水位 − US HY OAS（同一观测日口径不同，见 note）",
   "source": "https://spreadbench.com/api/v1/real/sector.json",
   "note": "两者口径不同：NCSX-IS 是发行时点利差、HY OAS 是二级市场期权调整利差；仅作量级参照，不可直接相减得出相对价值判断",
   "group": "context",
   "calc_en": "NCSX-IS level − US HY OAS (different definitions on the same observation date; see note)",
   "display_zh": "NCSX-IS 432.3bp vs HY OAS 332.0bp（高出 100.3bp）",
   "display_en": "NCSX-IS 432.3bp vs HY OAS 332.0bp (+100.3bp)",
   "cite_zh": "相对美国高收益整体（HY OAS）的溢价：NCSX-IS 432.3bp vs HY OAS 332.0bp（高出 100.3bp）（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Premium over US HY OAS: NCSX-IS 432.3bp vs HY OAS 332.0bp (+100.3bp) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  },
  {
   "id": "vs_us_hy_bands",
   "label_zh": "与高收益分档的并排读数",
   "label_en": "Side-by-side with HY rating buckets",
   "value": {
    "ncsx_bp": 432.3,
    "ig_bp": 91.0,
    "bb_bp": 199.0,
    "b_bp": 351.0,
    "ccc_bp": 1297.0,
    "sector_date": "2026-11-04"
   },
   "unit": "bp",
   "as_of": "2026-11-04",
   "calc": "各档 OAS 直接取自 FRED（BAMLH0A0HYM2 / A1HYBB / A2HYB / A3HYC / C0A0CM）",
   "source": "https://spreadbench.com/api/v1/real/sector.json",
   "note": "分档 OAS 是市场整体读数，本站不作评级、不把 NCSX 成分券映射到任何评级档",
   "group": "context",
   "calc_en": "Bucket OAS taken directly from FRED (BAMLH0A0HYM2 / A1HYBB / A2HYB / A3HYC / C0A0CM)",
   "display_zh": "IG 91.0 / BB 199.0 / B 351.0 / CCC 1297.0bp；NCSX-IS 432.3bp",
   "display_en": "IG 91.0 / BB 199.0 / B 351.0 / CCC 1297.0bp; NCSX-IS 432.3bp",
   "cite_zh": "与高收益分档的并排读数：IG 91.0 / BB 199.0 / B 351.0 / CCC 1297.0bp；NCSX-IS 432.3bp（as of 2026-11-04；SpreadBench NCSX-IS，v0.2.1-real）",
   "cite_en": "Side-by-side with HY rating buckets: IG 91.0 / BB 199.0 / B 351.0 / CCC 1297.0bp; NCSX-IS 432.3bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)"
  }
 ]
}