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Citable facts

Every first-party number we publish for citation — 16 in total. Each states how it is computed, where it comes from and its as-of date, with a paste-ready citation sentence. Machine-readable version: api/v1/real/facts.json; agents can pull all of it with the MCP tool ncsx_facts. This page is rendered from facts.json — no hand-typed numbers.

Index level
NCSX-IS index level
432.3bp
as of 2026-11-04 · method v0.2.1-real · index.json
How it is computed: Σ(face_i × issue_spread_bp_i) / Σ face_i, where issue_spread_bp_i = (coupon_i − UST at pricing_i) × 100
NCSX-IS index level: 432.3bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Senior secured subset level
391.2bp
as of 2026-11-04 · method v0.2.1-real · index.json
How it is computed: Same, senior secured bonds only (9 bonds / $20.31B)
Senior secured subset level: 391.2bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Senior unsecured subset level
540.1bp
as of 2026-11-04 · method v0.2.1-real · index.json
How it is computed: Same, senior unsecured bonds only (4 bonds / $7.75B)
Senior unsecured subset level: 540.1bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Structure premium (unsecured minus secured)
148.9bp
as of 2026-11-04 · method v0.2.1-real · index.json
How it is computed: 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)
Structure premium (unsecured minus secured): 148.9bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Universe coverage
13 bonds / 6 issuers / $28.06B
as of 2026-11-04 · method v0.2.1-real · universe.json
How it is computed: Face values summed over constituents; issuer count is distinct tickers
Universe coverage: 13 bonds / 6 issuers / $28.06B (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
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 · method v0.2.1-real · universe.json
How it is computed: Min / max issue_spread_bp across the 13 bonds
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)
Maturity structure
Peak maturity year
2031, 8 bonds / $17.86B (63.6% of index)
as of 2026-11-04 · method v0.2.1-real · universe.json
How it is computed: Group face values by maturity year and take the largest; share = that year / total face value
Peak maturity year: 2031, 8 bonds / $17.86B (63.6% of index) (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Portion of peak year priced in 2026
7 priced in 2026 / $16.11B (90.2% of the peak year)
as of 2026-11-04 · method v0.2.1-real · universe.json
How it is computed: Within the peak year, bonds whose pricing date falls in 2026; sum / peak-year face value
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)
2030 maturities
4 bonds / $8.95B (31.9% of index), all straight 5-year (5.03-5.07)
as of 2026-11-04 · method v0.2.1-real · universe.json
How it is computed: Filter maturity year == 2030 and sum face values
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)
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 · method v0.2.1-real · universe.json
How it is computed: Within 2030, bonds maturing on or after Nov 15; the window runs through Dec 1
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)
Fund marks layer
N-PORT marks coverage
7 bonds / $15.37B, period 2026-08-31, 75 fund quotes
as of 2026-11-04 · method v0.2.1-real · marks.json · N-PORT 为季度估值（Level 2），非成交价
How it is computed: Fund counts summed over marks.json; face values taken from the same bonds in universe
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)
Marks-layer face-weighted implied spread
616.4bp (issuance of the same bonds 486.6bp, +129.8bp)
as of 2026-11-04 · method v0.2.1-real · marks.json
How it is computed: Σ(face × marks implied spread) / Σ face, compared with the same bonds at issuance
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)
CoreWeave four-bond repricing (face-weighted)
+231.4bp (4 bonds / $7.75B, single-bond +191.5 to +257.7bp)
as of 2026-11-04 · method v0.2.1-real · marks.json
How it is computed: Per bond (marks implied spread − issuance spread), face-weighted
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)
Non-CoreWeave repricing in the same marks set
GLXY +17.6bp / CORZ +32.4bp / CIFR +40.7bp
as of 2026-11-04 · method v0.2.1-real · marks.json
How it is computed: Same method, tickers other than CRWV
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)
Context
Premium over US HY OAS
NCSX-IS 432.3bp vs HY OAS 332.0bp (+100.3bp)
as of 2026-11-04 · method v0.2.1-real · sector.json · 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
How it is computed: NCSX-IS level − US HY OAS (different definitions on the same observation date; see note)
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)
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 · method v0.2.1-real · sector.json · 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
How it is computed: Bucket OAS taken directly from FRED (BAMLH0A0HYM2 / A1HYBB / A2HYB / A3HYC / C0A0CM)
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)
How to cite
Copy any citation sentence; for full attribution use the citations page with its BibTeX / RIS and DOI 10.5281/zenodo.23983572.
NCSX-IS index level: 432.3bp (as of 2026-11-04; SpreadBench NCSX-IS, v0.2.1-real)
Scope and red lines: this page states verifiable arithmetic only. Issuance spreads are priced at issue and do not move afterwards; marks are Level 2 valuations from quarterly fund filings, not traded prices; the side-by-side with US HY buckets is not a relative-value call. No credit ratings, no default forecasts, no investment advice.