Through March 2026, G-255 USD new issuance totals 425 bonds from 159 issuers, raising $518.618 billion in market cap. The 425 bonds issued have traded +2.02 bp since issuance on average for those outside fair value. Of these, 227 bonds (53%) have reached the G-255 systematic trading model's fair value level with average tightening of –7.14 bp per bond that reached fair value across months.
The G-255 USD credit new issue trade indicators show net return of (–7.14 bp) overall when trade at fair value occurs while "buy and hold" of all 425 bonds has a negative return (+2.02 bp in credit spread) and deploys twice as much capital as the G-255 trading approach.
Over 55% of the bonds that reached fair value later traded at wider spreads, with 117 widening YTD. Supply is concentrated in global banks (128 bonds, $236.85 billion) and US TMT sectors (61 bonds, $214 billion).
January recorded 165 bonds issued by 62 issuers, raising $184.3 billion in market cap (net new supply $89 billion, third highest on record). The 165 bonds issued have traded +6.35 bp since issuance on average for those outside fair value. Financials accounted for 71% of issuance. Of the 165 bonds, 117 (71%) reached G-255 trading model fair value with average tightening of –7.23 bp per bond. 58 bonds remained outside fair value with average change of +7.14 bp per bond, and 97 (90% of reached bonds) later traded wider.
February included 122 bonds issued by 45 issuers, totaling $151.018 billion in market cap. The 122 bonds issued have traded +5.07 bp since issuance on average for those outside fair value. 44 bonds (~35%) reached fair value with average tightening of –7.72 bp per bond. 78 bonds remain outside fair value with average change of +9.5 bp per bond, and 33 widened after trading to fair value. The 7 Oracle bonds increased the reach rate from ~27% (31/115) to ~31%; excluding them shows the underlying reach rate, with outside bonds averaging +8.87 bp change per bond.
March (first four weeks) included 138 bonds from 52 issuers, raising $183.25 billion in market cap. The 138 bonds issued have traded –6.31 bp since issuance on average. 66 bonds have reached model fair value levels and tightened by –6.7bp from new issue spread. Amazon (AMZN A1/AA 11 part $37 billion) printed 3/13/26 and Novartis (NOVNVX Aa3/A- 7 part $11 billion) printed 3/16/26 were both attractively priced according to the G-255 trading model. While the Salesforce Inc transaction ($25 billion over 8 trades during the week of March 13) have tightened by over –20bp the G-255 new issue trading model still sees 5 trades from that deal still have (–5bp) of credit spread tightening.
| Week | Bonds | Volume | Avg Spread Δ | Reached FV | Avg Tightening at FV |
|---|---|---|---|---|---|
| March 6 | 28 | $26.3B | –2.28 bp | 9 | –7.67 bp |
| March 13 | 58 | $108.95B | –7.63 bp | 34 | –6.85 bp |
| March 20 | 29 | $30.0B | –9.97 bp | 19 | –6.85 bp |
| March 27 | 23 | $18.05B | –3.29 bp | 4 | –5.25 bp |