Right-click on the
chart background and
select Collapse All
Groups so that each
issuer’s bonds are
consolidated into a
color-coded plus sign
whose size reflects
the total amount of
bonds outstanding.
Right-click again and
then select Show
Ticker Labels.Click here and
select Issuer so that
the bonds are
color-coded by issuer.Fig. 1 Run {FIW <GO>} for the Fixed Income Worksheet function.field, and click on the LBUSSTAT Index item in the list of matches.
The Facets panel on the left side of the screen lets you
specify criteria to drill down to the bonds that interest you. First,
under Asset Class, select Corporates and unselect Governments
and anything else that may be checked.
Next, let’s focus on energy and compare that with commu-
nications and technology, for example. Under BCLASS Level 3,
click on More ... and select those three sectors. Then click Update.
Finally, let’s restrict this analysis to larger issues, those
whose original size was more than $300 million. Scroll down to
Amount/Issue and click on the pencil icon next to it. In the Edit
Amount Bucket window, enter “300” in the first field below To.
Then click on the red Xs below that line until you’re left with two
buckets: less than or equal to 300MM and greater than 300MM.
Click on Update and select >300MM.
As of late July these criteria trimmed the 10,663 bonds in
the index down to a list of 1,321. Click on the Bond Chart tab (FIG. 1).
This offers you a visual perspective of issuers’ bonds, their average
G-spread, and years to maturity. From this view, you can easily
find which issuers are trading wider than others.Credit
Find Relative Value in t he Energy Sector
By STEVEN GEE and KELLY MORAN
WHAT’S CHEAP IN ENERGY BONDS? Fixed Income Worksheet (FIW)
is the most robust tool on the Bloomberg terminal for performing
relative value analysis on a list of bonds. Let’s examine how you
can compare energy with other sectors and then take a deeper
dive to understand how individual issues trade relative to
one another.
A word of advice: Maintain focus lists of credits that interest
you in discrete portfolios, lists, or monitors. That will enable you
to simply and efficiently load those bonds into other Bloomberg
functions so you can be more effective in your analysis.
(This article continues a series that began with “Using the
Fixed Income Worksheet in Your Analysis: An Introduction.” To see
that intro, load bloom.bg/2MwwQdp in your browser.)
- First, run {FIW
}. Click into the field in the upper left
corner of the screen and use autocomplete to choose from indexes,
portfolios, RUNZ workbooks, searches, IMGR searches, monitors,
and security workbooks, as well as exchange-traded funds or
other funds. Let’s use the Bloomberg Barclays US Aggregate
Statistics Index in this analysis. Enter “US Agg Statistics” in the
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