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 corporate bond transaction data from secondary market trades on regulated exchanges, primary issuance data for new corporate 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 %ile
4.85%
Median
5.23%
75th %ile
5.67%
Maximum
6.45%
Count (n)
127
Filter parameters: USD, 5Y Term, BBB Rating, As-of 2024-01-15
Benchmarking Outputs
Every export from tpFins includes a record of the inputs, criteria, and methodology notes used to support the analysis.
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
Assumptions
Methodology notes, rating mapping rules, and data source attribution
Available export formats
- PDF Report: Formatted documentation suitable for inclusion in TP reports
- CSV Export: Raw data for further analysis in Excel or other tools
- Saved Searches: Reusable search configurations for recurring analyses
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