Fixed Income Corporate

Handles analysis of corporate bonds and credit instruments, from investment grade to high yield debt. Triggers on questions about credit spreads (G-spread, Z-spread, OAS), credit ratings, callable bonds, covenants, and private credit. The skill differentiates between spread measures properly, which matters because G-spread overstates true compensation in steep curve environments and OAS is what you need for callable bonds. Covers the mechanics of default probability and recovery rate calculations, plus practical details like why BBB/BB downgrades force institutional selling. Works for both public corporate debt and private credit questions. Useful when you need to explain why a credit spread is what it is or compare competing spread measures.

skills.sh installs: 722
GitHub stars: 224
last updated: Aug 21, 2026

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Install

$ npx -y skills add joellewis/finance_skills --skill fixed-income-corporate --agent claude-code

Installs into .claude/skills of the current project.

Files

Fixed Income — Corporate

Core Concepts

Credit Spreads

Compensation for default risk, liquidity risk, and downgrade risk above the risk-free rate. Multiple spread measures exist with increasing precision:

G-spread (Government Spread): Bond yield minus interpolated Treasury yield of the same maturity. Simple but assumes a flat term structure between benchmark maturities.

Z-spread (Zero-Volatility Spread): The constant spread added to each point on the risk-free spot rate curve such that the sum of discounted cash flows equals the bond's market price. Superior to G-spread because it accounts for the full shape of the term structure.

OAS (Option-Adjusted Spread): For bonds with embedded options, OAS = Z-spread minus the value of the embedded option. OAS represents the "true" credit compensation after removing the option component. Requires an interest rate model to compute.

SKILL.md on GitHub