Offer Spread Changes

Feb. 27, 2013

We are proud to announce additions and enhancements to our Inventory Offering Spread Changes report. With this report, you can easily spot and put a fine point to market trends by measuring how dealers are moving their offering levels day to day.

How it works: For a given sector, we look at all the bonds offered today and all the bonds offered the previous business day. For the set of bonds offered on both days we enumerate how many are offered unchanged, wider, or tighter. The results are displayed in both graphical and tabular formats on the report.

Getting started: Navigate to the market sector report you are interested in. These reports can be found on the Navigation Bar under ListMetrics/Offering Spread Changes.

Navigation screenshot
how to navigate to the report

On the report page, a chart displays spread movements over time. Below the chart is a table displaying the actual unchanged, wider, and tighter totals for each trading day. Clicking on any bar on the chart (as shown below), or any cell in the table (also shown below) will open a detailed report showing the actual bonds offered for the selected day/change type combination.

Sample Chart showing daily spread changes for Last Cash-Flow CMBS seniors chart of offering spread changes

Table showing line item counts for daily spread changes for Last Cash-Flow CMBS seniors
table of line item counts for lcf offering spread changes

Detailed Last Cash-Flow CMBS Report example
cmbs lcf offers for Feb 13 vs prevous day Current Sectors Covered by These Reports:
Agency ARMs:

Additional sectors are coming soon. Please contact us to move your favorite sector to the top of the heap.

BWIC Email Extractor

Feb. 19, 2013

Have you ever received a BWIC aggregation or recap email that's packed so dense with information that it could make your head explode? Our enhanced Email Search tool allows you to quickly make sense of these messages and access information about bonds and BWICs embedded in them. Simply copy and paste an email or Bloomberg message into the Raw Email Message text box on our Email Search page and hit the Parse Email Msg button.

Example Screenshot of an email message pasted into Raw Email Message box:
sample unstructured email message with market data

After clicking the Parse Email Msg button, your original email is overlayed with meta-data that identifies BWICs (large colored circles), and Bloomberg tickers, cusips and ISINs (small green circles). BWICs circled in green indicate that trade color is available. BWICs circled in yellow indicated that price talk is available. If no price talk or trade color is currently available, the BWIC is circled in black. To visit any BWIC page on our site simply click inside a BWIC's circled region.

parsed and highlighted results showing bwics, bonds and available market data

You can also run a quick search on any Bloomberg ticker or cusip by simply clicking on a highlighted identifier. A pop-up will appear displaying information regarding appearances on past BWICs and inventory offer sheets. A link to the bond's complete trade history is also available to click on. Example displayed below:

click on bond reveals quick search results

Finally, you can run a bulk search on every bond in a message by clicking on the Bulk Search button. If your email contains BWICs currently not in our database (BWICs that are not circled), you can click on the Add to Index button to have them added to our database.

Our Email Search tool can be found on the Navigation Bar under Find Bonds, or simply point your browser to this URL:

Trouble Shooting: The Email Search page is reliant upon both CSS for styling and JavaScript for parsing. As such, this page may not work as advertised until you refresh your browser cache by hitting CTRL-F5.

Dealer Offer Search

Dec. 3, 2012

Navigate to this new search page by selecting Dealer Offers under the Find Bonds tab on our Navigation Bar (see screenshot below).

dealer offer search page location on nav bar

Start off by selecting a market sector, and clicking Go. After this is done a list of recent dates for which offering data is available appears (screenshot below). After at least one search parameter has been entered you can restart your search by clicking the red Restart Search button.

how to select date and market sector

After selecting an offering date, a list of available dealers for that date is displayed. To complete your search request, simply choose a dealer and click Search. Search results are then displayed on the screen. To begin again, either reload the page, or click the Restart Search button.

selecting dealer offerings to view

As always, your comments are appreciated. Almost all of our product enhancements are driven by user feedback.

Other News:
  • Empirasign Market Data was cited by Dow Jones Thursday in an article on CMBS risk re-shuffling before Dodd-Frank takes effect. Link to article here: BlackRock, Rialto Dump Some of Their 'Skin' in CMBS Game.
  • We have a new free preview page here: It shows all the current BWICs we are tracking (both US and Eurozone). Show your friends who are not subscribers and they can get a peek at what they are missing.
  • Speaking of friends who are not subscribers: Your site will receive an additional free web license for six months for any new customers you refer to Empirasign. More about this program here:

Faster API Bulk Searches

Oct. 29, 2012

Bulk Searches have long been available via the Excel API spreadsheet. These were run one by one by looping through the list presented on the "bulk" tab. Now you can submit bulk search requests all at once and get results back at speeds up 100X faster than before. The changes are all behind the scenes. From the Excel user perspective, the only change is in the search speed.

Enter up to 200 cusips and/or Bloomberg tickers into the range A5:A204 on the "bulk" tab. To constrain your search to a specific date range, enter these dates in cells A6:A7. Then, click "Retrieve Data..." button. All results will appear on "bulk_results" tab.

Excel tab to peform bulk searches

Example Bulk Search Results Tab:
Excel results tab for bulk searches

Download the new spreadsheet here: Excel download icon

Notes for Nerds:
Release Notes can be found in the commented section at the top of the spreadsheet's VBA code. Due to the increased amount of data being passed up to our servers, this API call uses HTTP POST--all others user HTTP GET. With POST requests, parameters are passed in the header, not appended to the URL. To aid in debugging, you can find the parameters passed by the VBA code in cell I1 of the "bulk" tab.
Our API is language agnostic. i.e. Any client that can form valid HTTP GET and POST requests can interact with it. VBA example code can be accessed from the spreadsheet. Contact us for example scripts written in Python.

To be set up with a trial API ID, contact us directly.

BWIC Quick View

Oct. 16, 2012

Quickly inspect a BWIC's contents (bonds, price talk, and color) without ever leaving the home page. Just click on the BWIC Quick View icon (circled in red below) next to any BWIC's description.

BWIC Quick View icon location on home page

BWIC Quick View Example: Empirasign BWIC ID: 121016K

BWIC Quick View for List ID 121016K

The Quick View window can be dismissed by clicking on the X at the top right of the pop-up window.

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