18 consec qtrs upgrades > downgrades
MunisLong
Muni S&P 18 consec qtrs upgrades > downgrades
Source: MorganStanley
40.8% top federal rate calc
MunisMulti
40.8% top federal rate Muni TEY calc
Source: MorganStanley
5/10/30Y maturity
TIPSMulti
TIPS 5/10/30Y maturities
Source: encyclopedia
AA muni 20Y TEY ~7%
MunisLong
AA muni 20Y TEY ~7% vs AA corp 5.3%
Source: MorganStanley
AAA muni 20Y +175 bps Tsy
MunisLong
AAA muni 20Y +175 bps vs Treasury TEY
Source: RaymondJames
AT1 CoCo bank capital
CorporatesMulti
AT1 CoCo additional tier 1 bank capital
Source: encyclopedia
Active ETFs JEPI JPST FBND TOTL
CLOLong
Active ETF income JEPI JPST FBND TOTL
Source: encyclopedia
Auction primary dealers 25
TreasuriesMulti
Treasury auctions 25 primary dealers
Source: encyclopedia
BKLN Invesco Senior Loan
Bank LoansMulti
Invesco BKLN Senior Loan ETF
Source: encyclopedia
BVAL Bloomberg BVAL muni
MunisMulti
BVAL Bloomberg BVAL muni yield curve
Source: RaymondJames
Barbell short + long
StrategyLong
Barbell short + long no middle
Source: encyclopedia
Barbell short+intermediate
CorporatesLong
Barbell short + intermediate strategy 2026
Source: AmCent
Bear-steepening risk
CorporatesMulti
Bear-steepening overheating economy risk
Source: AmCent
Bond tender liability mgmt
CorporatesMulti
Bond tender LME liability mgmt opportunity
Source: AmCent
Breakeven inflation rate
TIPSLong
Breakeven inflation = nom yield - TIPS yield
Source: encyclopedia
Build America Bonds BAB taxable
MunisMulti
Build America Bonds BAB taxable subsidy
Source: encyclopedia
Bullet maturity matched
StrategyLong
Bullet portfolio single maturity match
Source: encyclopedia
Bullet vs callable structures
CorporatesMulti
Bullet vs callable bond structures
Source: encyclopedia
CLO equity tranche
CLOMulti
CLO equity tranche residual
Source: encyclopedia
CMO Z bond/IO/PO
AgencyMulti
CMO Collateralized Mortgage Obligation
Source: encyclopedia
CWB SPDR Convertibles ETF
ConvertiblesMulti
SPDR CWB Bloomberg Convertibles ETF
Source: encyclopedia
Carry strategy yield curve
StrategyLong
Carry trade yield curve income
Source: Schwab
Cat bonds catastrophe
SovereignsMulti
Catastrophe bonds CAT linked to disaster
Source: encyclopedia
Conv $90B+ maturity wall
ConvertiblesMulti
Convertibles ~$90B+ maturity wall 2026-27
Source: encyclopedia
Convexity gain large rate moves
StrategyLong
Convexity gain large rate move trade
Source: encyclopedia
Current coupon 4.9% spread
AgencyLong
Agency MBS current coupon 4.9% > corp 4.8%
Source: Cambridge
Default rate corp ~20x muni A
High YieldShort
Corp A default 20x muni A inefficiency
Source: LordAbbett
Default risk Argentina Sri Lanka
SovereignsShort
EM default Argentina Sri Lanka history
Source: encyclopedia
Direct lending unitranche
Private CreditLong
Direct lending unitranche structure
Source: encyclopedia
Distressed CCC sub-IG
High YieldMulti
Distressed CCC sub-investment grade
Source: encyclopedia
Duration matching liability
StrategyLong
Duration matching ALM strategy
Source: encyclopedia
EM sovereign debt 1-10Y
SovereignsLong
EM sovereign debt 1-10Y attractive yield
Source: BondBloxx
EMB iShares JPM EM USD
SovereignsLong
EMB iShares JPM USD EM Bond ETF
Source: encyclopedia
EMLC VanEck EM Local
SovereignsMulti
EMLC VanEck JPM EM local currency ETF
Source: encyclopedia
FHLMC Freddie Mac
AgencyMulti
Freddie Mac FHLMC agency MBS
Source: encyclopedia
FNMA Fannie Mae
AgencyMulti
Fannie Mae FNMA agency MBS
Source: encyclopedia
FRN floating rate Treasury
TreasuriesMulti
FRN US Treasury floating rate notes 2Y
Source: encyclopedia
Fallen angels IG → HY
CorporatesMulti
Fallen angels IG → HY downgrade play
Source: encyclopedia
Fed 1 cut expected 2026
TreasuriesMulti
Fed expected 1 cut 2026 American Century
Source: AmCent
Fed floor 3% likely
TreasuriesMulti
Fed policy floor 3% likely 2026
Source: Schwab
GBI EMBI sovereign indices
SovereignsMulti
JPM GBI + EMBI sovereign indices
Source: encyclopedia
GNMA Ginnie Mae mortgage
AgencyMulti
GNMA Ginnie Mae govt-guaranteed MBS
Source: encyclopedia
GO general obligation bonds
MunisMulti
GO general obligation muni bonds
Source: encyclopedia
HY DM duration 2.84Y short
High YieldLong
Bloomberg US HY duration 2.84Y short
Source: LordAbbett
HY corporate Bloomberg index
High YieldMulti
Bloomberg US Corp High Yield Index
Source: LordAbbett
HYD VanEck HY Muni
MunisMulti
HYD VanEck HY Muni ETF
Source: encyclopedia
HYG iShares iBoxx HY ETF
High YieldMulti
HYG iShares iBoxx HY corp ETF
Source: encyclopedia
Hard currency vs local
SovereignsMulti
Hard currency USD vs local EM bonds
Source: encyclopedia
Higher Edu negative outlook
MunisShort
Higher Edu Muni Negative outlook 2026
Source: MorganStanley
I-Bonds Treasury savings
TIPSLong
I-Bonds Series I savings inflation-linked
Source: encyclopedia
ICVT iShares Convertibles
ConvertiblesMulti
iShares ICVT Convertibles ETF
Source: encyclopedia
IG corporate yield ~4.8%
CorporatesLong
IG corporate yield ~4.8% 2026 attractive
Source: Cambridge
Immunization Redington
StrategyLong
Immunization Redington pension
Source: encyclopedia
Inflation-adjusted CPI-U
TIPSLong
TIPS inflation-adjusted CPI-U principal
Source: encyclopedia
JAAA CLO AAA tranche
CLOLong
JAAA Janus AAA CLO ETF $20B+
Source: encyclopedia
JBBB CLO BBB tranche
CLOMulti
JBBB Janus BBB CLO ETF
Source: encyclopedia
JNK SPDR HY corp ETF
High YieldMulti
JNK SPDR Bloomberg HY corp ETF
Source: encyclopedia
LBO leveraged buyout debt
High YieldMulti
LBO leveraged buyout debt issuance
Source: encyclopedia
Ladder equal maturities
StrategyLong
Bond ladder equal maturities staggered
Source: encyclopedia
Leveraged loans senior secured
Bank LoansMulti
Leveraged loans senior secured floating
Source: encyclopedia
M&A bond catalysts
CorporatesLong
M&A bond catalysts active opportunities
Source: AmCent
MBS prepay risk extension
AgencyShort
MBS prepay risk + extension risk negative convex
Source: encyclopedia
MMD AAA muni curve standard
MunisMulti
MMD AAA Muni curve benchmark daily
Source: encyclopedia
MUB iShares National Muni
MunisLong
MUB iShares National Muni Bond ETF
Source: encyclopedia
Make-whole call provision
CorporatesMulti
Make-whole call provision standard
Source: encyclopedia
Mandatory convertibles
ConvertiblesMulti
Mandatory convertibles auto-convert maturity
Source: encyclopedia
Mezzanine debt subordinated
Private CreditMulti
Mezzanine debt subordinated PE financing
Source: encyclopedia
Money mkt $8.3T peak Mar 2026
TreasuriesLong
Money mkt peak $8.3T Mar 2026 record
Source: RaymondJames
Muni $580B annual issuance 2025
MunisLong
Muni $580B annual issuance 2025
Source: encyclopedia
Muni HY TEY ~10% top bracket
MunisLong
Muni HY TEY ~10% top federal bracket
Source: LordAbbett
Muni HY index +5.5% Y
MunisLong
Bloomberg HY Muni +5.5% yield Jan 2026
Source: LordAbbett
Only 41 muni defaults 2025
MunisLong
Only 41 muni issuers defaulted YTD Nov 2025
Source: MorganStanley
PCMM BondBloxx CLO ETF
Private CreditLong
BondBloxx PCMM Private Credit CLO ETF
Source: BondBloxx
Pass-through TBA market
AgencyMulti
TBA pass-through MBS market
Source: encyclopedia
Pre-refunded munis high credit
MunisLong
Pre-refunded munis Treasury-collateralized
Source: encyclopedia
Private credit floating rate
Private CreditLong
Private credit floating rate diversifier
Source: BondBloxx
Recovery rate ~40% historical
High YieldMulti
HY recovery rate ~40% historical avg
Source: encyclopedia
Revenue muni dedicated revenue
MunisMulti
Revenue muni dedicated revenue source
Source: encyclopedia
Riding the yield curve
StrategyLong
Riding the yield curve duration scalping
Source: encyclopedia
Rising stars upgrade B→IG
CorporatesLong
Rising stars upgrade BB → IG opportunity
Source: AmCent
Roll-down yield bowl
StrategyLong
Roll-down yield curve bowl strategy
Source: Schwab
SOFR base benchmark
Bank LoansLong
SOFR base benchmark replaced LIBOR
Source: encyclopedia
SRLN SPDR Blackstone Senior Loan
Bank LoansMulti
SPDR Blackstone SRLN Senior Loan ETF
Source: encyclopedia
STRIPS zero-coupon
TreasuriesMulti
STRIPS Separately Traded Reg Interest Principal
Source: encyclopedia
SUB iShares Short Muni
MunisLong
SUB iShares Short Muni ETF
Source: encyclopedia
Sherman ratio 70bps cushion
CorporatesLong
Sherman ratio 70 bps cushion EOY 2025
Source: AmCent
Specified pool MBS
AgencyMulti
Specified pool MBS prepay characteristics
Source: encyclopedia
Spreads near tight historical
CorporatesMulti
IG spreads near tight historical avg
Source: Cambridge
Sub debt regulatory capital
CorporatesMulti
Subordinated debt bank regulatory capital
Source: encyclopedia
T-bill 1-3 mo Treasury bills
TreasuriesLong
T-bill US Treasury bills < 1Y
Source: encyclopedia
T-bond 20/30Y long bonds
TreasuriesLong
T-bond 20/30Y long-end Treasury
Source: encyclopedia
T-note 2/3/5/7/10Y Treasury notes
TreasuriesLong
T-note 2-10Y US Treasury notes
Source: encyclopedia
TIPS 1.25-2% real yield
TIPSLong
TIPS 1.25-2% real interest rate 2026
Source: Schwab
Tobacco Negative outlook
MunisShort
Tobacco Muni Negative outlook 2026
Source: MorganStanley
TreasuryDirect retail
TreasuriesMulti
TreasuryDirect retail buying platform
Source: encyclopedia
US Treasury yield curve steepening
TreasuriesLong
US Treasury curve steepening 2026
Source: Schwab
VTEB Vanguard Tax Exempt
MunisLong
VTEB Vanguard Tax-Exempt Bond ETF
Source: encyclopedia
Venture debt warrant
Private CreditMulti
Venture debt + warrant equity kicker
Source: encyclopedia
XCCC BondBloxx CCC ETF
High YieldMulti
BondBloxx XCCC CCC HY corp ETF
Source: BondBloxx
XEMD JPM EM 1-10Y
SovereignsLong
BondBloxx XEMD JPM EM 1-10Y ETF
Source: BondBloxx
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.