bond-relative-value

bond-relative-value is a skill for Claude Code from anthropics/financial-services. It costs 54 tokens per session (830 once invoked), scanned A, original, Apache-2.0.

A method for analysing whether bonds are expensive, cheap, or fairly priced compared with interest-rate and credit curves. A credit curve shows typical borrowing spreads for similar issuers or borrowers.

In plain words
What is it for?
Use it to decompose bond spreads, compare securities, assess richness or cheapness, and test an investment view under different rate scenarios.
Why use it?
It provides a structured way to separate interest-rate risk, credit risk, and the part of a bond's price that may represent relative value.

Skill for Claude Code ✓ vendor

Written for Claude Code: shipped in a Claude Code plugin.

Part of the lseg plugin — 8 skills, 8 commands, 1 MCP server shipped together

Good fit Use it to decompose bond spreads, compare securities, assess richness or cheapness, and test an investment view under different rate scenarios.

Compare 6 skills from other repositories ↓
Install with agentmods
npx agentmods add skills/anthropics/financial-services/bond-relative-value
About the project

Claude for Financial Services is a collection of agents, skills, commands, plugins, and data connectors for investment banking, equity research, private equity, and wealth-management workflows. Financial professionals use it to draft models, memos, research notes, and reconciliations for review by qualified people. The catalogue contains components from these workflows, including agents, skills, plugins, commands, and instructions.

anthropics/financial-services · 34,793 stars · on GitHub

Install

Getting it into your agent

One page per mod, every tool's command on it. A separate URL per tool would split the same page into five that compete with each other.

Any agent
npx skills add anthropics/financial-services --skill bond-relative-value
Clone the repo
git clone --depth 1 https://github.com/anthropics/financial-services

Made for: Claude Code.

Or install lseg, the plugin that ships this one along with the rest of its 8 skills, 8 commands, 1 MCP server.

Wrote this? Show the measurements

A badge with what this costs and how it scanned, read live from this page, so it follows the numbers instead of freezing them. Markdown for a README, HTML for a documentation site or a project page.

agentmods badge for bond-relative-value

README.md
[![agentmods](https://agentmods.dev/badge/skills/anthropics/financial-services/bond-relative-value/github.svg)](https://agentmods.dev/skills/anthropics/financial-services/bond-relative-value)
Your own site
<a href="https://agentmods.dev/skills/anthropics/financial-services/bond-relative-value"><img src="https://agentmods.dev/badge/skills/anthropics/financial-services/bond-relative-value/github.svg" alt="Measured on agentmods" height="20"></a>

Or the 80×15 button, for a site that already has a row of RSS and ATOM ones. Only the verdict fits; the numbers stay here.

agentmods 80×15 button for bond-relative-value

Your own site · 80×15
<a href="https://agentmods.dev/skills/anthropics/financial-services/bond-relative-value"><img src="https://agentmods.dev/badge/skills/anthropics/financial-services/bond-relative-value.svg" alt="Reviewed on agentmods" width="80" height="20"></a>
Per session 54 Skills are progressive disclosure: only the name and description are preloaded; the body loads when the skill is used.
When invoked 830 The whole file, excluding the scripts and references it only reads on demand.
Security scan A 0 findings. A grade says what 26 rules found in the file — not that it is safe. Third-party audits
  • Socket pass 4 May 2026
  • Snyk pass 4 May 2026
How audits are shown
Origin original No closer match found in the catalogue.
Token cost

What it costs to keep this loaded

Counted locally with the o200k_base tokenizer, which is exact for GPT models; Claude uses its own tokenizer and its counts differ. Treat this as one consistent yardstick across the catalogue rather than a bill. Prices are per million input tokens.

ModelPer sessionOnce invoked
Fable 5.1 $0.00054 $0.00830
Opus 5 $0.00027 $0.00415
Sonnet 5 $0.00011 $0.00166
Haiku 4.5 $0.00005 $0.00083

Measured today against content hash 0b92ffc12375, method: parsed. Prices are Anthropic first-party input rates as of 2026-09-12, from the pricing page.

Security

Grade A, and why

bond-relative-value scanned grade A with 0 findings against 26 rules in 11 categories — prompt injection, anti-refusal, data exfiltration, privilege escalation, supply chain, agent snooping, system-prompt leakage, SSRF and excessive agency — measured today.

A static scan of the body, not an audit. Every finding is printed with the line that produced it so you can judge whether it matters here. A mod is markdown that instructs an agent; that is exactly why what it instructs is worth reading.

Nothing flagged

None of the 26 patterns this scan looks for appear in this file: no shell pipes, no recursive deletes, no credential paths, no hidden text, no instruction-override or anti-refusal phrasing, no agent-config snooping. That is not a guarantee, it is the absence of the things that are checkable.

Origin

Copies of this mod

3 near-identical copies found in the catalogue:

plugins/partner-built/lseg/skills/bond-relative-value/SKILL.md · 52 lines

How it starts

The opening of the file, as written. The whole thing — 52 lines — stays where its author put it; the contents beside it link to each section on GitHub.

Bond Relative Value Analysis

You are an expert fixed income analyst specializing in relative value. Combine bond pricing, yield curves, credit curves, and scenario analysis from MCP tools to assess whether bonds are rich, cheap, or fair. Focus on routing tool outputs into spread decomposition and scenario tables — let the tools compute, you synthesize and recommend.

Core Principles

Relative value is about whether a bond's spread adequately compensates for its risks relative to comparable instruments. Always decompose total spread into risk-free + credit + residual components. The residual (what's left after rates and credit) reveals true richness or cheapness. Stress test with scenarios to confirm the view holds under different rate environments.

Available MCP Tools

  • bond_price — Price bonds. Returns clean/dirty price, yield, duration, convexity, DV01, Z-spread. Accepts ISIN, RIC, or CUSIP.
  • interest_rate_curve — Government and swap yield curves. Two-phase: list then calculate. Use to compute G-spreads.
  • credit_curve — Credit spread curves by issuer type. Two-phase: search by country/issuerType, then calculate. Use to isolate credit component.
  • yieldbook_scenario — Scenario analysis with parallel rate shifts. Returns price change and P&L under each scenario.
  • tscc_historical_pricing_summaries — Historical pricing data. Use for historical spread context and Z-score analysis.
  • fixed_income_risk_analytics — OAS, effective duration, key rate durations. Use for callable bonds and deeper risk decomposition.

Tool Chaining Workflow

  1. Price the Bond(s): Call bond_price for target and any comparison bonds. Extract yield, Z-spread, duration, convexity, DV01.
  2. Get Risk-Free Curve: Call interest_rate_curve (list then calculate) for the bond's currency. Interpolate at bond maturity to compute G-spread.
  3. Get Credit Curve: Call credit_curve for the issuer's country and type. Extract credit spread at the bond's maturity. Compute residual spread = G-spread minus credit curve spread.
  4. Run Scenarios: Call yieldbook_scenario with parallel shifts (-100bp, -50bp, 0, +50bp, +100bp). Extract price changes and P&L per scenario.
  5. Historical Context (optional): Call tscc_historical_pricing_summaries for the bond to assess where current spread sits vs history.
  6. Synthesize: Combine spread decomposition, scenario results, and historical context into a rich/cheap assessment.

Read the full file on GitHub · 52 lines

Changes

What this file has done since we first saw it

Hashed on every crawl. A supply-chain change to an agent config is a question of when, not whether, so the history is kept rather than the latest state alone.

  1. today First seen · 52 lines · 54 tokens per session scan A 0b92ffc12375

Subscribe to this mod's changes

bond-relative-value is a skill published in the GitHub repository anthropics/financial-services (34,793 stars, last pushed today), licensed Apache-2.0. It adds 54 tokens to every session and 830 once invoked, about $0.0003 per session on Opus 5. A static security scan graded it A with 0 findings. No closer match exists in the catalogue, so it is treated as the original; first seen 2026-09-12.

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