Analyze Bond Relative Value

This command uses LSEG bond pricing, yield curves, credit curves, and scenario analysis tools. See [CONNECTORS.md](../CONNECTORS.md) for available tools.

Perform relative value analysis on one or more bonds by combining pricing analytics, yield curve context, credit spread decomposition, and rate shock scenarios.

See the bond-relative-value skill for domain knowledge on spread frameworks and rich/cheap assessment.

Workflow

1. Gather Bond Identifiers

Ask the user for:

• Bond identifier(s) — ISIN, RIC, or CUSIP (required)
• Optional benchmark bond for comparison
• Valuation date (optional, defaults to today)

2. Price the Bond(s)

Call bond_price with the identifier(s).

Extract: clean/dirty price, yield, duration, convexity, DV01, currency.

If benchmark provided, price that too.

3. Get the Risk-Free Yield Curve

Call interestratecurve (list then calculate) for the bond's currency.

Interpolate at the bond's maturity to compute G-spread.

4. Get the Credit Spread Curve

Call credit_curve (search by country/issuerType, then calculate).

Compute residual spread = bond G-spread minus credit curve spread at matching maturity. Positive residual = cheap; negative = rich.

5. Run Scenario Analysis

Call yieldbook_scenario with parallel rate shifts: -100bp, -50bp, 0bp, +50bp, +100bp.

Extract price change and P&L under each scenario.

6. Synthesize the Report

Present: bond summary table, spread decomposition (G-spread, credit spread, residual), scenario P&L table, and rich/cheap assessment.

If benchmark provided, include side-by-side comparison.

Output Format

Lead with the rich/cheap assessment and supporting evidence. Follow with spread decomposition and scenario tables.