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Fund marks · N-PORT cross-check

One bond, two faces: issue price vs fund mark

NCSX-IS records the spread at issuance (coupon − Treasury on the pricing day). But every quarter, funds must report a fair value for each bond they hold on Form N-PORT — solve the median mark to YTM, subtract the matched Treasury, and you get the implied spread. Put the two columns side by side and you can see how the market has repriced these bonds since issuance. All from public SEC filings, data at GET /api/v1/real/marks.json.

Data story: CoreWeave repriced 191-258bp while peers moved 17-41bp

Bond by bond: issuance spread vs implied spread
Δ = implied spread − issuance spread; positive = funds mark the bond wider than it priced.
BondStructureFundsMedian price (range)YTMImpliedIssuanceΔ
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Methodology notes

Red line: N-PORT fair values are quarter-end marks (mostly Level 2), not trades — this site has no licensed TRACE data and no secondary trades are included. Where several funds hold the same bond, the median is taken to reduce single-manager methodology differences. The implied spread is a factual inversion of reported marks and is not a rating, a valuation opinion or investment advice in any form. Reporting period: — (quarterly filings, submitted within 60 days of period end).