Press kit

Cite NCSX: assets, numbers, and definitions

A press kit for reporters, analysts and researchers. Every chart is downloadable, every description is copy-ready, and every number traces back to specific TRACE trades. Licensed CC BY 4.0 — no permission needed to cite.

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Copy-ready

Copy-ready descriptions

Pick the length that fits. Numbers refresh daily; always cite with the as-of date.

One sentence

SpreadBench publishes the NCSX index family, a credit-spread benchmark for AI-infrastructure and neocloud bonds computed from public secondary-market trades (TRACE). NCSX-Composite closed at 773bp on 2026-10-30.

Full paragraph · ~110 words

SpreadBench (spreadbench.com) is a credit-spread benchmark for AI-infrastructure debt. Its NCSX index family uses FINRA TRACE public secondary trades as its only input and weights spreads (bp over the matched Treasury) by face value outstanding. It currently covers 20 bonds from 11 issuers, $2.29B in face value. As of 2026-10-30, NCSX-Composite closed at 773bp (1-day change -6.6bp), with the investment-grade tier at 314.7bp and the high-yield tier at 865.8bp. The methodology (vv0.1.1) is fully public, DOI 10.5281/zenodo.23931330, and the data is released under CC BY 4.0 for free citation.

As of 2026-10-30

Headline numbers

Key figures for your story. Each value is a face-value-weighted aggregate of bond-level trades; definitions in the methodology.

NCSX-Composite
773bp
90D 744.4 – 824.2
NCSX-IG (investment grade)
314.7bp
3 bonds
NCSX-HY (high yield)
865.8bp
17 bonds
Coverage
20 bonds · 11 issuers
Face value covered
$22.85B
Sole input
FINRA TRACE secondary trades
Cadence
T+1 daily · free
NCSX-Composite · 90 sessions (bp) 773 bp as of 2026-10-30 73276780283606-2908-1009-2110-30 Source: SpreadBench · NCSX · TRACE secondary trades · CC BY 4.0 · spreadbench.com

Caption example: NCSX-Composite credit spread (bp). Source: SpreadBench, as of 2026-10-30, CC BY 4.0.

Assets

Downloads

Charts, data, methodology — take them, no need to ask.

2400×1260 PNG Chart PNG · 2400×1260 (drop-in artwork)download/ncsx-composite-90d.png SVG Chart SVG (lossless vector, recolorable)download/ncsx-composite-90d.svg CSV Index levels, 90 sessions (CSV)download/ncsx-levels-90d.csv CSV Full constituent list (CSV)download/ncsx-constituents.csv JSON Latest snapshot JSON (machine-readable)api/v1/latest.json HTML Methodology vv0.1.1 (formulas, sources, revision policy)methodology.html
Citation

Citation formats

Use these for in-text citations and captions; include the as-of date and DOI.

In-text (Chinese)

SpreadBench. (2026-10-30). NCSX-Composite 信用利差指数 [Data set]. Methodology vv0.1.1. https://doi.org/10.5281/zenodo.23931330

In-text (English)

SpreadBench. (2026-10-30). NCSX-Composite Credit Spread Index [Data set]. Methodology vv0.1.1. https://doi.org/zenodo.23931330

Caption

NCSX-Composite credit spread (bp). Source: SpreadBench, as of 2026-10-30, CC BY 4.0.

Naming

How to write it (copy exactly)

NCSX collides with ncsx.com (a games retailer) and with a cancelled US fusion device. Never use the bare ticker — always carry a qualifier.

✓ Form 1: NCSX-Composite (SpreadBench) closed at 773bp
✓ Form 2: Neocloud Credit Spread Index (NCSX, compiled by SpreadBench) at 773bp
✕ Avoid: NCSX at 773bp (bare ticker: read as the games retailer, the fusion device, or the Nasdaq Composite)
Licence

Licence and red lines

What you can and cannot do, in one breath.

✓ Yes: cite numbers and charts, screenshot in articles, republish charts, use in research and teaching (attribute + keep as-of and DOI)
✓ Yes, with a licence: embedding the data inside a commercial product (seed-phase pricing available)
✕ No: describing NCSX as a credit rating, investment advice or a buy/sell recommendation
✕ No: claiming NCSX covers the whole credit market (it covers the AI-infrastructure / neocloud sector only)
Contact

Media enquiries

Need definitions, exclusive charts or an interview? Reach out directly — usually answered within 24 hours on business days.

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Email
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FAQ

FAQ

Where does the data come from?
The sole input is public secondary-market trades from FINRA TRACE (price, volume, trade count). No quotes, no rating-agency data, no estimated models. Each bond’s daily volume-weighted price and yield to worst produce a spread over the matched Treasury; spreads are then aggregated to index level weighted by face value outstanding.
How is this different from CDS spreads?
NCSX is a cash-bond secondary-trade spread; CDS is the cost of default insurance. Different reference obligations, liquidity and pricing mechanics — the two routinely differ by hundreds of bp. Do not mix them: if you are reporting CDS, cite a CDS source.
Can I screenshot the chart?
Yes. Data and charts are CC BY 4.0; attribute SpreadBench and keep the as-of date. We also publish a 2400x1260 PNG and a vector SVG for better print quality.
Why only 20 bonds?
NCSX includes only USD bonds with public secondary trades whose issuer is primarily an AI-infrastructure or neocloud business. Recomputability ranks above coverage — better fewer than estimated. The expansion roadmap (hyperscaler JV data-centre debt, AI power-equipment debt, neocloud convertibles) is published on the constituents page.
Does the name NCSX clash with anything else?
Yes, so to be explicit: NCSX here stands for Neocloud Credit Spread indeX, published by SpreadBench. It is unrelated to the Nasdaq Composite, and unrelated to the National Compact Stellarator Experiment (the US fusion device). When citing, please include the full name and spreadbench.com.