Methodology
Transparent inputs. Consistent outputs. Built for transfer pricing.
Data and Coverage
Currencies Supported
Historical Window
Bond pricing data and yields available from 2020 to present.
Data is updated daily for all major currencies.
Coverage Note
Coverage depth varies by market. Major currencies have the deepest coverage, while smaller markets may have fewer observations for certain rating/term combinations.
Data sourcing details
tpFins aggregates fixed income data from secondary market trades on regulated exchanges, primary issuance data for new bonds, and daily yield data from major financial data providers. All data is cleaned, validated, and normalized before being made available in the platform.
tpFins Credit Rating
tpFins harmonizes credit ratings from the major rating agencies into a consistent, unified scale. This supports more accurate comparisons across issuers rated by different agencies and helps maintain adequate sample sizes for benchmarking.
How rating harmonization works
When an issuer has ratings from multiple agencies, tpFins uses a rules-based approach to determine the applicable rating. For issuers with split ratings, we apply the lower of the two ratings (conservative approach) or allow users to specify their preferred methodology. The mapping covers investment grade (AAA to BBB-) and sub-investment grade (BB+ to CCC) ratings.
Arm's-Length Range
tpFins calculates the arm's-length range using standard statistical quartiles derived from the distribution of yields for comparable bonds.
Minimum
The lowest yield in the dataset
Q1 (25th Percentile)
25% of observations fall below this value
Median (50th Percentile)
The middle value of the distribution
Q3 (75th Percentile)
75% of observations fall below this value
Maximum
The highest yield in the dataset
Summary Statistics
SampleMinimum
4.12%
25th %
4.85%
Median
5.23%
75th %
5.67%
Maximum
6.45%
Count (n)
127
Filter parameters: USD, 5Y Term, BBB Rating, As-of 2024-01-15
Benchmarking Outputs
tpFins allows users to export the data, search criteria, and supporting search write-up needed to organize and document a bond benchmarking analysis. Users can also run sensitivity analyses by varying selected parameters, with the resulting outputs available as part of the export package.
Filter Parameters
Currency, term, rating, industry, and any other search criteria applied
As-of Date
The reference date for all yield calculations
Sample Size
Number of bonds (n) included in the analysis
Search Strategy and Assumptions
A structured record of the database used, search settings and parameters, and results.
Available export formats
- Excel Export: Underlying bond-level raw data for further analysis.
- Search Write-Up Export: A dated write-up describing the database, search strategy, and results.
- Sensitivity Analysis Views: Outputs showing how changes in term, currency, and credit rating may affect the observed interest rate results can be included as part of the export package to support review of key assumptions.
- Saved Searches: Reusable search configurations for recurring analyses, frequent updates, and replication of prior searches.
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