NEW USD SUPPLY · FEB 24Active
MODEL SIGNALLong Indicators Active
PUBLISHEDBefore 10am EST
COVERAGEAll G-255 USD Issuers
NEW USD SUPPLY · FEB 24Active
MODEL SIGNALLong Indicators Active
PUBLISHEDBefore 10am EST
COVERAGEAll G-255 USD Issuers
About This Report
The G-255 Morning New USD Indicator Report is published every trading day prior to 10am EST — before G-255 issuers sell USD bonds in the primary market. The report provides G-255 credit trade indicators for all anticipated new USD issuance, flagging long and avoid levels before bonds price.
Model Signal: G-255 systematic model trade indicators are generated for all anticipated new USD issuance each morning. Long indicators identify bonds that, based on current spread levels and issuer fundamentals, offer attractive entry relative to G-255 fair value. Avoid indicators signal overvalued or deteriorating credit quality issuers.
February 24 — New USD Supply Indicators
The following G-255 new issue credit trade indicators were generated for anticipated February 24, 2026 USD issuance. All indicators reflect the G-255 systematic model's assessment of current spread levels versus fair value for each issuer and tranche.
| Issuer |
Ticker |
Rating |
Expected Tenor |
Sector |
Expected Size |
G-255 Signal |
| Barclays | BACR | A– | 10Y | Financials (Sr) | $1.5B+ | Long |
| BNP Paribas | BNPFP | A– | 5Y | Financials (Sr) | $2.0B+ | Long |
| Toyota Motor | TOYOTA | A+ | 3Y / 5Y | Consumer Durables | $2.0B+ | Long |
| Oracle | ORCL | BBB+ | 5Y / 10Y / 30Y | Technology | $4.0B+ | Long |
| AT&T | T | BBB | 10Y / 30Y | Communications | $1.5B+ | Avoid |
How to Use This Report
- Long Indicators identify new issues where the G-255 model sees the bond pricing at or below fair value — representing an opportunity to buy at new issue and hold until the bond reaches the G-255 fair value spread level.
- Avoid Indicators signal issuers where current spread levels, balance sheet leverage, or cash flow trends suggest the new issue is priced at or through fair value — offering limited upside and elevated risk of post-issuance spread widening.
- All indicators reflect the G-255 systematic model only. No discretionary input is applied. Indicators update as new pricing guidance becomes available through the morning.
- The G-255 model generates long indicators for only ~12% of new issues — representing ~67% of total annual USD new debt capital. Selectivity is core to the model's 97% historical accuracy rate.
Model Performance Context
Historical Accuracy
97%
When held to avoid-trading level
Selectivity Rate
~12%
Of new issues flagged Long
Capital Represented
~67%
Of annual USD new debt capital
YTD Avg Tightening at FV
–7.14 bp
Per bond reaching fair value
Subscribe to G-255
Access the Morning New USD Indicator Report every trading day before 10am EST. Full indicator tables, model signals, and how-to-use guidance for every anticipated G-255 issuer.