We Have the Bond Prices You Need.
Overview: We provide end-of-day prices for government, corporate and municipal bonds. Relevant bond reference data is also included. Bond yield analytics are also available.
Coverage: DIH offers bond prices from over 100 countries, including:
- Government bonds
- Corporate bonds
- Municipal bonds (USA and Canada)
- Fixed rate, floating, & convertible bonds
History: We have data going as far back as 2002.
Updates: We update our data daily. This update process “follows the sun” with data from Asian markets becoming available for download first, followed by Europe, the Middle East, and Africa (EMEA), and finally by the Americas.
Delivery: You can receive data in bulk files via download, S3 to S3, or on-demand via API.
License Terms: We license our data for either your internal use only or for display/redistribution to your clients. Unlike other data providers, DIH does not have purge clauses – so if you ever stop receiving data from us, you do not have to a ransom to keep the data you’ve already received and for which you’ve paid.
Pricing: Several inputs go into the pricing for our data. For example, do you want data for all available countries/markets and securities, or a subset? How much history do you want? Do you want updates going forward? Contact us to learn more.
Firms Succeed with Our Comprehensive Data.
The fixed income market is challenging for even the most sophisticated institutions for several reasons:
- It’s massive in size and continues to grow. – The average daily traded notional value of all fixed income instruments and their derivatives, including currencies and swaps is exponentially larger than the market value of traded equities.
- It’s very complex with a wide variety of instruments. – The number of fixed income securities is significantly larger than the number of listed equities since each listed equity can have many associated bonds with different maturities and ratings.
- There is no central repository of price data. – Most fixed income instruments trade Over-The-Counter (OTC) and unlike equities, there are no settlement or official closing prices for them.
These trends will likely continue due to historically low interest rates, quantitative easing by central banks, and heavy borrowing by corporations.
However, this massive market lacks basic pricing information. This causes uncertainty for market participants and reduces institutional liquidity in the market.
DIH’s data gives institutional market participants an advantage for several reasons:
Reliable Sources of Raw Data – For broker-quoted instruments, our bond prices are built from a network of over 100 global dealers. We also source data from such institutions as FINRA’s TRACE. Plus, we include our bond reference data with our prices.
Breadth of Security Types – Our bond prices include a wide variety of fixed income instruments from around the world, including government & supranational bonds, agency bonds, corporate bonds, high-yield bonds, money market instruments, and municipal bonds.
Geographic Coverage – We offer bond prices from over 100 countries.
Timely Updates – To ensure you receive your data as quickly as possible each day, our downloads become available as markets close around the world.
Complete & Accurate Data – To ensure the highest quality data possible, all of the bond prices, bond reference data, and corporate actions for fixed income are checked both algorithmically and manually reviewed before they are made available for download.
Flexible Licensing Terms – DIH licenses its data for internal use or for display/redistribution. We also do NOT have any purge clauses like many data providers. So if you ever cancel your subscription, you do not need to delete the data you’ve already downloaded.
We Cover a Wide Variety of Fixed Income Instruments.
Our bond prices include structured notes, evaluated prices for government & corporate bonds, and municipal bonds. We also include relevant bond reference data.
BOND PRICES FOR STRUCTURED NOTES
Built from relationships with over 100 domestic and foreign dealers, we provide end-of-day broker-quoted prices for structured notes. Data is aggregated, parsed, formatted, and delivered on over 45,000 hard-to-price structured notes.
Several well-known mutual funds, hedge funds, custodial banks, insurance companies, and pension fund managers rely upon these prices for structured notes. They appreciate how our data eliminates the need for manual quote collection and data entry, reducing operational risk and saving them time.
EVALUATED BOND PRICES
In addition to structured notes, DIH also provides evaluated bond prices which are a combination of market and security information with a proprietary model and term structure. The result is accurate and transparent evaluated prices.
Our evaluated bond prices cover the following:
- Global Corporate Bonds
- Global High Yield Bonds
- Global Government and Supranational Bonds
- US Treasuries
- US Corporate Bonds
- Agency Bonds
- Money Market Instruments
- Hard to Price Securities
Our algorithms reduce risk by providing more precise evaluations than traditional methods (such as bootstrapping, interpolation and matrix pricing).
When actual transaction prices are not available for illiquid securities, we use curve pricing and the relative spread of the security. The curve represents all the securities of an issuer to better reflect the market vs. reference securities. Spreads of global treasuries, emerging market securities, and illiquid corporate bonds are analyzed relative to historical levels, to ensure that pricing exceptions and errors are identified.
FINRA TRACE CORPORATE BOND PRICES
DIH also offers post-trade corporate bond prices sourced from The Trade Reporting and Compliance Engine (TRACE) administered by The Financial Industry Regulatory Authority (FINRA). After aggregating data for all investment and high-grade bonds disseminated by FINRA, the data is further enriched with essential risk spreads and delivered in multiple formats for efficient consumption.
Our FINRA TRACE corporate bond prices include all reported trades, registered and 144a. You may receive the trades prices only, or the enriched data with T-, I-, Z- and G-spreads with size estimates. These post-trade bond prices are available in real-time, intraday, or end-of-day. We also offer historical data back to October 2016.
DEALER-QUOTED CORPORATE BOND PRICES
DIH also offers pre-trade corporate bond prices. Unlike other pre-trade data, our data is generated by a network of over 35 market makers who compete for order flow based on price and customer service. The bond dealers cover all major sectors across investment-grade and high-yield bonds.
Our pre-trade corporate bond prices are consolidated so all participants see all prices, and have attributed pricing with size details. These pre-trade prices are available in real-time, intraday, or end-of-day. We also offer historical data back to June 2019.
USA MUNICIPAL BOND PRICES
DIH provides daily end-of-day prices for over 1.25 million municipal bonds in the USA. In addition to daily updates, we offer over 8 years of historical prices for USA municipal bonds.
We analyze daily market quotes, trades, reference information, peer bonds, and current yield curves to generate intraday and daily municipal bond prices.
We provide all of the input data, supporting values, and intermediate results for all prices that are produced for inspection and auditing.
Our method reduces risk by providing more market-driven evaluations than traditional methods (such as bootstrapping, interpolation, and matrix pricing). All municipal bond prices are based on the prevailing market price hierarchy as outlined in MSRB Rule G-30. Also, we can price your portfolios based on side and size of their target market.
EVALUATED BOND PRICES FOR THE CANADIAN FIXED INCOME MARKET
We also offer evaluated bond prices for the entire Canadian fixed income market. Using proprietary evaluated pricing methodologies based on the most recent market information, evaluated prices and analytics are calculated for Canadian fixed income securities issued by:
- Canadian provinces
- Government agencies or crown corporations (e.g. CMHC, Hydro-Quebec)
Using a comprehensive database of terms and conditions, evaluated prices and analytics are computed for a large range of Canadian fixed income securities, including securities with the following characteristics:
- Floating Coupon Rate
- Fixed-Floating Coupon Rate
- Step-Up / Step-Down Coupon
- Strip (Principal Strip / Coupon Strip)
- Callable / Puttable
- Inflation-linked (“Real-Return Bonds”)
Multiple sources, including trading desks of major investment dealers and banks, are employed to gather market information on Canadian fixed income securities and this approach has several benefits:
- Experts lend great insight and keep us informed of the latest market developments
- Using many different sources gives us the ability to filter out source biases
- Technical factors affecting the delivery of information from any single source can never affect our ability to deliver timely evaluated bond prices to our clients
Challenges are the process by which our clients can verify the valuation of any security on a given date. We believe that this process is a great opportunity to explain our pricing methodology to our clients as well as an opportunity to improve our evaluated pricing process.
Clients are able to add new fixed income securities to their portfolio, at their convenience. New securities go through a rigorous research process in order to gather full knowledge of all terms and conditions and related market information before delivering the evaluated bond prices.
Who Can Benefit from DIH’s Bond Prices?
Because bond prices are critical to so many facets of the capital markets, a wide variety of firms rely upon DIH’s bond prices, including:
- Investment banks
- Brokerage firms
- Hedge funds (systematic & non-systematic)
- Asset managers
- Private equity firms
- Venture capitalists
- Proprietary trading firms
- High net worth investors
- Exchanges and trading venues
- Service providers (e.g. OMS, EMS, data vendors, etc.)
How DIH Clients Use Our Data.
Institutional investors use our bond prices for various tasks, including:
- Improve portfolio valuation efficiency
- Enhance transaction cost analysis
- Monitor institutional liquidity conditions
- Evaluate institutional dealer counterparties
- Generating research & analytics for their clients
No matter what the use case, having complete and accurate bond prices is key.
Flexible Updates & Delivery.
Except where noted otherwise, our bond prices are updated on a daily basis. This update process “follows the sun” with data from Asian markets becoming available for download first, followed by Europe, the Middle East, and Africa (EMEA), and finally by the Americas.
You may customize our bond prices to best suit your needs. For example, specify the issuers, instruments, or countries from which you’d like to receive bond prices. Also, choose how much historical data you’d like, and whether you wish to subscribe for updates going forward.
We offer several ways to access our bond prices:
Bulk File Download – For most of our clients, downloading our bond prices in bulk files is most convenient. We can deliver files in various formats (e.g. CSV) via download, S3 to S3 transfer, etc.
API – Some use cases are better suited for on-demand delivery of bond prices via an API.