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This skill applies when evaluating how a loan or bond should trade, how to compare spread and yield across instruments, or how trade mechanics and documentation affect execution, settlement, and realized return.
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基于 SOC 职业分类
| name | trading-pricing-mechanics |
| version | 1.5.0 |
| last_modified | 2026-03-22 |
| description | This skill applies when evaluating how a loan or bond should trade, how to compare spread and yield across instruments, or how trade mechanics and documentation affect execution, settlement, and realized return. |
| category | markets |
| related_skills | ["credit-memo-generator","credit-modeling-and-valuation","debt-structure-covenants","portfolio-investment-process","securitization-and-clos"] |
| triggers | ["OAS","Z-spread","asset swap spread","assignment agreement","basis trade","bond pricing","callable bond analysis","carry analysis","comp table","credit curve","delayed compensation","distressed trading","duration","floating-rate pricing","loan settlement","loan trading","mark to market","new issue concession","participation agreement","relative value","secondary loan market","spread analysis","trade confirmation","yield calculations"] |
| disambiguation | Prefer this skill when the context involves loan/bond pricing, spread levels, secondary trading, or relative value comparison. For CRE cap rates as property valuation, use cre-analysis-underwriting. For CLO tranche pricing and new issue spreads, use securitization-and-clos. |
Trading and pricing work is about translating instrument structure into comparable economics. Start by identifying the instrument and settlement conventions, normalize price and spread into the right measure for that instrument, then judge relative value only after adjusting for seniority, optionality, duration, liquidity, and execution friction.
Read the most relevant reference for the question rather than loading the full library. Skill-local references should stay focused on durable analytical principles; current market levels and live conventions belong in root references.
references/core-pricing-accrued-interest.md - Clean vs. dirty price, accrued interest, and invoice amount.references/yield-calculations.md - YTM, YTC, YTW, and the logic for choosing the relevant yield.references/floating-rate-pricing.md - Discount margin, floor behavior, and reference-rate fallback issues.references/call-schedule-analysis.md - Call structure, clawbacks, and make-whole framing.references/advanced-duration-return-analytics.md - Duration, convexity, carry, roll-down, and scenario return framing.references/duration-price-sensitivity.md - Duration formulas, price sensitivity, convexity, and quick estimation rules of thumb.references/practical-calculation-workflows.md - Worked calculation sequences for common pricing tasks.references/common-pitfalls-and-checklists.md - Frequent analytical mistakes, adjustments, and bond analysis checklist.references/relative-value-analysis-for-credit.md - Spread hierarchy (nominal, STW, Z-spread, OAS, ASW), tight/wide framing, curve work, and cross-market comparison logic.references/comp-table-output-guide.md - Comparable set construction and standard output format for comp tables and basis analyses.references/quick-refinancing-check-framework.md - Simple refinancing economics and repricing pressure checks.references/the-assignment-agreement-rights-consents-and-mechanics.md - Assignment path, consent logic, and lender-of-record implications.references/participation-agreements-rights-limitations-and-use-cases.md - Participation structure, limitations, and fallback use cases.references/distressed-trading-mechanics.md - Flat trading, true-up, breakage, and distressed-specific mechanics.references/delayed-compensation-economic-adjustment-for-timing.md - Economic transfer vs. settlement timing adjustments.references/trade-execution-workflow.md - Pre-trade controls, par trading logic, settlement workflow, trade documentation checklist, and post-settlement checks.references/loan-market-pricing-and-analytics.md - Secondary loan market structure, fair-value and dealer-mark framing, and core loan-market metrics.references/loans-are-not-securities-the-regulatory-framework.md - Why syndicated loans trade under a different legal and regulatory regime than securities.references/deferred-payment-structures.md - Zero-coupon, PIK, and toggle-style cash flow structures.When asked to analyze pricing, trading mechanics, or relative value, produce:
skills/credit-memo-generator/references/incomplete-data-guidance.md to disclose gaps explicitly.skills/credit-memo-generator/references/analytical-limitations.md and disclose the limitation directly.examples/worked-corporate-bb-case-study.md: Comparable spread analysis, target vs. cohort framing, warranted spread adjustment, and recommendation.Use when evaluating a commercial real estate property, CRE loan, or property-level cash flow. Covers market framing, tenancy and lease rollover, NOI construction, valuation, three-constraint loan sizing, and downside-oriented risk assessment across stabilized, transitional, and development situations.
This skill applies when analyzing bankruptcy, restructuring, liability management exercises, recovery value, or event-driven credit situations where a transaction or legal process can materially change downside, priority, or repayment outcomes.
Orchestration skill that produces structured Investment Committee (IC) credit memos. Guides the analyst through a complete credit analysis workflow, pulling from other skills to assemble a comprehensive memo covering business overview, financial analysis, capital structure, relative value, risks, and recommendation. Supports multiple credit types: corporate (IG/HY), private credit, CRE, and structured finance. Use this skill aggressively for any request to write a credit memo, IC memo, investment memo, credit write-up, credit summary, investment recommendation, or any structured credit analysis deliverable.
This skill applies when evaluating a corporate issuer, borrower, or sponsor-backed company through financial spreading, ratio analysis, liquidity, scenario modeling, and valuation cross-checks. Use it for EBITDA normalization, free cash flow analysis, leverage and coverage assessment, refinancing risk, downside modeling, and issuer-level cash-flow work that supports a credit view.
This skill applies when monitoring an existing credit position after underwriting or approval. It covers thesis-based surveillance, early warning detection, watchlist and escalation governance, quarterly review workflow, asset-class-specific monitoring lenses, and post-mortem learning for corporate, private credit, CRE, and structured finance positions.
Use when analyzing a credit agreement, bond indenture, intercreditor agreement, amendment package, or capital structure. This skill covers debt ranking, covenant mechanics, documentation leakage, silent debt capacity, LME vulnerability, refinancing structure, and amendment risk for corporate and private-credit borrowers, with a narrow CRE bridge for loan terms and cash-management structures.