SYSTEMATIC CREDIT AND EQUITY TRADING is a rule-based approach to investing in fixed income markets — specifically corporate bonds — that uses a series of algorithms rather than human judgment to make investment decisions. G-255 monitors market and macro trends to identify better risk-return opportunities in corporate bonds and equities.
G-255 INDICATORS — In the context of systematic credit and equity, the G-255 refers to a specific group of high volume, liquid U.S. corporate bond issuers often used as a benchmark for market activity. The G-255 monitors the universe of securities daily to assess the group calling for more equity, credit or bond funds to be deployed for investor activity.
Systematic Trading Model Statistics for April 10 in $B
| G-255 Credit | Value | Value | G-255 Equity |
|---|---|---|---|
| Issuers & Securities | |||
| Total Issuers | 255 | 255 | Total Issuers |
| G-255 Credit Bonds in Issue | 6,208 | 245 | G-255 Equities in Issue |
| G-255 Credit Trading MKT Cap $B | $7,125 | $55,170 | G-255 Equity Trading MKT Cap $B |
| De-levering / Growing Cash Flow | |||
| De-levering Credit Issuers | 113 | 202 | Equity Issuers Growing Cash Flow |
| De-levering Market Capital $B | $3,338.6 | $50,924.2 | Growing Cash Flow Market Cap $B |
| Re-levering / Cash Flow Decline | |||
| Re-levering Issuers | 142 | 43 | Issuers with Cash Flow Decline |
| Re-levering Market Capital $B | $3,787 | $4,246.2 | Cash Flow Decline Market Cap $B |
| Long Indicators | |||
| Long Credit Indicators | 162 | 24 | Long Equity Indicators |
| Long Credit Market Cap $B | $246.4 | $6,517.4 | Long Equity Market Cap $B |
| Undervalued Credit Indicators | 179 | 16 | Undervalued Equity Indicators |
| Undervalued Credit Market Cap $B | $310.8 | $1,393.7 | Undervalued Equity Market Cap $B |
| Short Indicators | |||
| Short Credit Indicators | 545 | 23 | Short Equity Indicators |
| Short Credit Market Cap $B | $762.8 | $2,418.0 | Short Equity Market Cap $B |
| Overvalued Credit Indicators | 930 | 2 | Overvalued Short Equity Indicators |
| Overvalued Credit Market Cap $B | $902.3 | $158.4 | Overvalued Equity Market Cap $B |
| G-255 Credit | |
|---|---|
| Issuers & Securities | |
| Total Issuers | 255 |
| Credit Bonds in Issue | 6,208 |
| Credit Trading MKT Cap $B | $7,125 |
| De-levering | |
| De-levering Credit Issuers | 113 |
| De-levering Market Capital $B | $3,338.6 |
| Re-levering | |
| Re-levering Issuers | 142 |
| Re-levering Market Capital $B | $3,787 |
| Long Indicators | |
| Long Credit Indicators | 162 |
| Long Credit Market Cap $B | $246.4 |
| Undervalued Credit Indicators | 179 |
| Undervalued Credit Market Cap $B | $310.8 |
| Short Indicators | |
| Short Credit Indicators | 545 |
| Short Credit Market Cap $B | $762.8 |
| Overvalued Credit Indicators | 930 |
| Overvalued Credit Market Cap $B | $902.3 |
| G-255 Equity | |
|---|---|
| Issuers & Securities | |
| Total Issuers | 255 |
| Equities in Issue | 245 |
| Equity Trading MKT Cap $B | $55,170 |
| Growing Cash Flow | |
| Equity Issuers Growing Cash Flow | 202 |
| Growing Cash Flow Market Cap $B | $50,924.2 |
| Cash Flow Decline | |
| Issuers with Cash Flow Decline | 43 |
| Cash Flow Decline Market Cap $B | $4,246.2 |
| Long Indicators | |
| Long Equity Indicators | 24 |
| Long Equity Market Cap $B | $6,517.4 |
| Undervalued Equity Indicators | 16 |
| Undervalued Equity Market Cap $B | $1,393.7 |
| Short Indicators | |
| Short Equity Indicators | 23 |
| Short Equity Market Cap $B | $2,418.0 |
| Overvalued Short Equity Indicators | 2 |
| Overvalued Equity Market Cap $B | $158.4 |
How to Use This Chart
- 202 G-255 largest cap equities show YoY cash flow growth — 40 trade >5% below historic trend.
- 113 G-255 largest credit issuers are de-levering — 162 bonds trade within 20% of 52-week wide spread.
- 43 global large-cap equities have YoY cash flow decline — 25 trade >5% above historic trend.
- 142 global large corporate debt issuers are re-levering — 545 bonds are within 15% of 52-week tight spread.
What are G-255 Indicators
G-255 INDICATORS — In the context of systematic credit and equity, the G-255 refers to a specific group of high volume, liquid U.S. corporate bond issuers often used as a benchmark for market activity.
At its core, G-255 is purely systematic and has no human characteristics whatsoever.
Key Systematic Trading Indicators for April 10
Long G-255 Equity Trade Indicators: 40 (including undervalued), –5 from Thursday and –29% above the 200-day MA.
Short G-255 Equity Trade Indicators: 24 (+1 from Thursday), +109% above the 200-day moving average.
G-255 Long Credit Indicators: 162 (–7 from Thursday), +44% above the 200-day moving average.
G-255 Short Credit Indicators: 545 (+185 from Thursday), –1% above the 200-day moving average.
New Deutsche Bank (Baa1/BBB) DB 5.06 04/13/32 added long to the G-255 credit basket trade.
Amazon (AMZN US Equity) and Bank of America (BAC US Equity) — Highest rated G-255 Equity Long trade indicators reached Fair Value trading level.
Slight Mutual Fund Corporate bond inflow for the week ended April 8.
Credit Market Conditions
US HY 10Y Credit
| Date | Spread | Change |
|---|---|---|
| Today | +270 bp | — |
| 1 year ago | +426 bp | –156 bp |
| 1 month ago | +301 bp | –31 bp |
| 1/23/2026 | +256 bp | +14 bp |
| 3 months ago | +257 bp | +13 bp |
| 12/31/2025 | +266 bp | +4 bp |
| 2/22/2025 | +261 bp | +9 bp |
| 4/10/2025 | +409 bp | –139 bp |
| 11/12/2024 | +253 bp | +17 bp |
US Corporate BAA 10Y Credit
| Date | Spread | Change |
|---|---|---|
| Today | +173.1 bp | — |
| 1 year ago | +198.1 bp | –25.0 bp |
| 1 month ago | +178.9 bp | –5.8 bp |
| 1/23/2026 | +162.5 bp | +10.6 bp |
| 3 months ago | +175.5 bp | –2.4 bp |
| 12/31/2025 | +172.3 bp | +0.8 bp |
| 2/22/2025 | +150.0 bp | +23.1 bp |
| 4/10/2025 | +203.5 bp | –30.5 bp |
| 11/12/2024 | +124.8 bp | +48.2 bp |
US Corporate A 10Y Credit
| Date | Spread | Change |
|---|---|---|
| Today | +146.1 bp | — |
| 1 year ago | +163.1 bp | –17.0 bp |
| 1 month ago | +154.9 bp | –8.8 bp |
| 1/23/2026 | +138.5 bp | +7.6 bp |
| 3 months ago | +150.5 bp | –4.4 bp |
| 12/31/2025 | +146.3 bp | –0.2 bp |
| 2/22/2025 | +127.9 bp | +18.2 bp |
| 4/10/2025 | +167.5 bp | –21.5 bp |
| 11/12/2024 | +96.9 bp | +49.2 bp |
*Source: Bloomberg Capital Markets | Jan 23, 2026 was the peak in G-255 credit short trade indicators (1,384)
G-255 Report Index
- Page 1Top G-255 Systematic equity and credit sector trading indicators, statistics and changes
- Page 2G-255 Equity trading highest ranked long/short indicators and results
- Page 3G-255 Systematic Credit Sample Basket Trade and results
- Page 4G-255 Thursday equity, Monday investment grade credit and high yield credit trading results
- Page 5G-255 Overall Credit and Equity trade indicators and correlation
- Page 6G-255 New Supply Week of April 2 and March New Issue Trade Performance
- Page 7G-255 Credit Trading Strategy Changes
Issuer Equity Price Movement and Credit Spread Levels are Directly Correlated
G-255 Credit Trading Allocation Indicators — April 10
50%
Long: De-leveraging sector trade indicator bonds
22.5%
Front-End (3 years and shorter in maturity): 75% in floating-rate notes (<3 years)
27.5%
Short: Model Trade indicator in sectors adding net debt
G-255 Equity Trading Allocation Indicators — April 10
10%
Front-End (3 years and shorter in maturity): Corporate Credit See Above
70%
Long: Issuers with positive cashflow trading below attractive indicator
20%
Short: Issuers with declining cashflow trading above short trade indicator
Top Short G-255 Credit Sector Indicators
| Sector | Count | $B | vs Thu |
|---|---|---|---|
| Healthcare all curr | 109 | $113.0 | +8 |
| Autos all curr | 31 | $33.8 | +131 |
| Energy all curr | 86 | $122.7 | +4 |
Top Short G-255 Equity Sector Indicators
| Sector | Count | $B | vs Thu |
|---|---|---|---|
| Autos all curr | 1 | $39.5 | 0 |
| Energy USD | 5 | $367.8 | 0 |
| Industrials USD | 4 | $706.8 | 0 |
Top Long G-255 Credit Sector Indicators
| Sector | Count | $B | vs Thu |
|---|---|---|---|
| Single A TMT all curr | 30 | $75.3 | –4 |
| BBB/BB TMT (USD) | 29 | $276.5 | 0 |
| Euro Banks | 27 | $249.9 | 0 |
Top Long G-255 Equity Sector Indicators
| Sector | Count | $B | vs Thu |
|---|---|---|---|
| US TMT (USD) | 12 | $5,796.8 | –1 |
| Big 6 Banks | 6 | $589.3 | 0 |
| Euro Banks | 1 | $61.7 | 0 |
Top Long Credit Issuer
Bank of New York
Long
Top Short Credit Issuer
Energy Transfer
Short
Top Long Equity Issuer
Microsoft
Long
Top Short Equity Issuer
Equinor (Norway)
Short
G-255 Publications
Daily · 2am–7am ESTEvery Trading Day
Daily Trade Indicator Report
G-255 equity and credit trade indicators for all 255 global issuers. Long, short, and avoid levels updated overnight.
Daily · Before 10am ESTEvery Trading Day
Morning New USD Indicator Report
Published before G-255 issuers sell USD bonds. New issue credit trade indicators flagging attractive and avoid levels.
WeeklyOnce Per Week
Weekly New USD Supply Report
Comprehensive weekly summary of G-255 new USD supply with fair value analysis, sector concentration, and performance data.
IntradayAs Earnings Release
Issuer Results Report
The most-read G-255 publication. Credit and equity trade indicators updated in real time on earnings releases.
FAQs
What are the 3 different types of G-255 Systematic Portfolio Daily Credit Trading Model Indicators?
- Long Indicators: Are de-leveraging credits issues with attractive valuations as well as new supply of G-255 issuers. Long Indicators target G-255 issuers with positive year-on-year cash flow, trading more than 7.5% below their historic price and moving averages. Long Indicators also focus on issuers with the largest capital returns to shareholders.
- Short Indicators: Are re-leveraging issuers trading within 10% of their 52-week tight credit spread. Short Indicators target G-255 issuers with negative year-on-year cash flow and returns to shareholders, trading more than 7.5% above their historic price moving averages and focus on issuers with the largest declines in operating cash flow.
- New Issue Supply: The G-255 trading model creates new issue long trade indicators for all new USD sold by G-255 issuers. The G-255 systematic trading model provides daily credit trade indicators for new USD bond offerings from the world's 255 largest corporate issuers (≥$15 billion in tradable debt). The new issue process and reporting are designed to help institutional investors identify attractive entry points, track performance, and compare systematic selectivity against traditional buy-and-hold strategies. The G-255 new issue framework offers a quantitative, issuer-specific lens on pricing attractiveness and post-launch performance, helping investors avoid overpaying for new supply, capture early tightening opportunities, and document long-term alpha from systematic credit selection in a higher risk-premium environment. All indicators are generated from public data with zero human input and are liquidity-filtered for institutional-scale trading. For full historical tables and current weekly recaps, refer to the attached G-255 new issue reports or Curve Publishing updates.
Where does the G-255 come from?
- G-255 represents the 255 largest global issuers of corporate debt (primarily in USD, GBP, and EUR), each with at least $15 billion in liquid, tradable debt. This universe covers:
- Approximately 6,000 USD-denominated bonds (average ~$1.16 billion per bond).
- Around 242 publicly listed equities (combined market cap ~$47 trillion, with many non-U.S. domiciled issuers).
- It captures a significant portion (often estimated at 66%+) of trading volume and market cap in major corporate debt markets.
- The model tracks these issuers exclusively, using issuer-specific data only (no macro factors, peer comparisons, or sentiment inputs).
What are the G-255 Indicators and how do they work?
- The system is a fully automated, stochastic (probability-based) credit and equity trading model that recalibrates daily using publicly available data (pricing, balance sheets, cash flows, leverage, shareholder returns).
- Generates long and short trade signals (buy/hold or sell/short) for individual issuers' bonds and stocks.
- Credit (bonds): Signals based on de-leveraging (improving balance sheets, undervalued spreads) vs. re-leveraging (increasing debt, overvalued spreads). It highlights attractive valuations, new bond supply opportunities, and divergences.
- Equity: Targets positive/negative year-over-year cash flow trends and shareholder returns.
- Integrates cross-asset signals: Links bond credit spreads with equity performance (e.g., strong equity cash flows but widening credit spreads → potential long signal).
- Includes liquidity thresholds for actionable trades on electronic platforms.
- Provides sector-specific breakdowns (e.g., TMT, Healthcare, Banks) and portfolio-level indicators.
- Back-tested over 35+ years with high tracking accuracy, emphasizing objective, data-driven assessments without human bias.
What is the G-255 Trading Model designed for, and how large are the trades it can handle?
- The G-255 trading process is designed for systematic trading on electronic platforms for equities and bonds. The system accommodates the largest institutional trade sizes, dependent on the user's resources and trading relationships (all G-255 USD corporate bonds trade OTC via over 80 dealers and all 5 major U.S. electronic bond trading firms). The model analyzes historical relative values across the capital structure, generating indicators for over/undervalued bonds.
- This quantitative framework provides trade indicators for global corporate capital structure pricing extremes.
Companies We Focus On
AT&T
Verizon
Volkswagen
Toyota
Apple
Microsoft
JPMorgan
Amazon
Meta
HSBC