Valuations
Providing evaluated prices on a wide range of illiquid and structured fixed income securities
Corvid Partners provides evaluated prices on a wide range of illiquid and structured fixed income securities. Our pricing services are available on single securities or across entire portfolios. Pricing can be provided as often as daily or as infrequent as annually depending on your requirements.
Corvid uses a market price approach to valuing illiquid assets. All our valuations take into account current market appetite for risk and liquidity as well as relevant execution data such as trade size and timescale.
Our pricing models are built and maintained using normal market methodologies. All our models are continually monitored for accuracy and consistency versus execution data. Managed by teams of experienced illiquid credit structurers and traders, our valuation processes provide a transparent and unbiased view of debt markets across the globe.
How we work
Our goal is to make our service as efficient and cost effective for our clients as possible. There are no minimum volumes. Data is not sold to you in pre-packaged bundles. You buy what you need, as often as you need it and that’s it.
In order to ensure consistency and relevance, our valuation processes adopt the accepted market-based pricing methodologies relevant to each asset class.
Execution Data
Our analysis begins with execution data on more liquid securities in each asset class. We also track new issuance for additional execution data. This is combined with a parsed prices and other market intelligence gathered from our partner firms.
Data Filters
This data is filtered for durability and is then allocated into buckets based on several factors such as jurisdiction, rating, structure, currency and industry. This allows us to create a credit map of each sector and jurisdiction that we cover. This credit map is the starting point for our evaluated pricing service.
Spread Weighting
In addition to placing your illiquid assets into our credit map, we also calculate and assign a spread weighting to each asset based on our in-house liquidity calculations.
Liquidity Assessment
Our liquidity assessments take account of elements such as deal size, the relative size of the potential investor pool, the size of the sector and the historical performance of both the issuer and the sector. This process generates a liquidity margin that we combine with our evaluated yield to give a target return from which we calculate a price.
All of our valuations are open for challenge, and we ensure that clients deal directly with the relevant pricing team.
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