Overview / Ruler
Pricing ruler · the tool you reach for at deal time

If a new bond priced today, where would it land?

NCSX-IS answers "what level are the bonds already issued at". Pricing works the other way round: given a coupon and a tenor, what spread does the new bond carry, how the same-structure comparables within ±1y are priced, where it ranks among the 13, and how far it would move the index if it really printed at that size. This page computes all four in your browser, using exactly the index's rules: spread = (coupon − interpolated Treasury of the same tenor) × 100, with face value deciding the index level.

Describe a hypothetical new bond
loading curve…
7.500 means 7.5%
(maturity − pricing) in years; 4.5 is fine
Affects index impact only, never the spread
Used to compare against the matching tier
Pick one to see its own pricing history
Every field recomputes on change — no result is baked into this page
How to read the four numbers
1. Spread — coupon minus the interpolated Treasury of the same tenor on the same day, times 100. The Treasury side is the official par-yield curve, linearly interpolated between adjacent tenors and never extrapolated: outside 1 month to 30 years we refuse to compute rather than guess.
2. Comparables — the bonds in the same structure (secured / unsecured) priced within ±1y of your tenor, read at the median, with your position inside that set. This is closer to the real pricing conversation than a rank among 13: only same-tenor, same-structure paper is genuinely comparable. One caveat: all 13 bonds currently sit between 5 and 6 years, so a 3Y or 7Y window is empty — the page then falls back to the closest tenor that exists and states how far away it is. Read that as a reference, not as like-for-like (a different tenor means a different Treasury leg). Adjust the window via peer_window_years in the API / MCP.
3. Rank — how many of the 13 existing bonds are wider and how many narrower. With 13 observations this is a rank, not a statistical percentile; please do not quote it as one.
4. Impact — under face-value weighting, a new bond moves the index by its post-add weight times (its spread minus the pre-add level). That is the same formula behind the pull attribution in the event log.
Three limits, stated up front
1. This is arithmetic, not pricing advice. We know nothing about your covenants, guarantees or book-building — all of which move the final coupon. This page answers "given coupon X, what does our measure say".
2. The curve is the published one. To replay a historical pricing date, use the recompute page, where each bond is measured against its own pricing-date curve.
3. The impact is a static approximation. A real new issue also re-weights everything else; we model a one-off addition, same as the event log.
Red line: this page only does arithmetic on public terms and the public curve — no credit ratings, no forecast of how a deal prices, no investment advice. There is no secondary-market traded price here (that needs licensed TRACE data; we do not fill in demo numbers). If you find an error, tell us via the contact page; corrections ship as a new version with a new DOI.

Fetched live by this page: /api/v1/real/curve.json (Treasury curve), /api/v1/real/universe.json (13 constituents), /api/v1/real/index.json (published level). Free, public, no API key.