CP+ BASI

CP+ BASI is a group of indices that tracks bid-ask spreads across global credit, rates and emerging bond markets. These indices provide a useful gauge of general market liquidity as well as relative trading activity. When used alongside other market measures, the indices can yield valuable and actionable insights for various types of functions including trading strategy, portfolio construction and Transaction Costs Analysis (TCA).

  • Created with Highstock 6.1.1 Date Basis Points (BPS) VIX S&P 500 Chart context menu MarketAxess Bid-Ask Spread Index (BASI) 2010 2012 2014 2016 2018 2020 2022 2024 2010 2015 2020 0.00 30.00 40.00 10.00 20.00 50.00 0 30 60 120 90 150 4 000 2 400 4 800 1 600 3 200 5 600 Zoom 1m 3m 6m YTD 1y All From Nov 3, 2008 To Feb 28, 2024 BASI VIX S&P 500
  • Created with Highstock 6.1.1 Date Basis Points (BPS) Chart context menu High Grade BASI by Trade Size 2010 2012 2014 2016 2018 2020 2022 2010 2015 2020 0.00 20.00 40.00 60.00 80.00 100.00 Zoom 1m 3m 6m YTD 1y All From Nov 3, 2008 To Dec 20, 2023 Micro: <$100k Odd: $100k - $1m Round: $1m - $5m Block: $5m+
  • Created with Highstock 6.1.1 Date Basis Points (BPS) Chart context menu Sector BASI Indices Mar '23 Apr '23 May '23 Jun '23 Jul '23 Aug '23 Sep '23 Oct '23 Nov '23 Dec '23 Jan '24 Feb '24 Mar '… Mar '24 2010 2015 2020 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Zoom 1m 3m 6m YTD 1y All From Mar 1, 2023 To Mar 1, 2024 HG TRACE Banks/Finance Sector BASI HG TRACE Healthcare-Pharmaceuticals Sector BASI HG TRACE Oil-Gas-Exploration-Energy Sector BASI HG TRACE TMT Sector BASI
  • Created with Highstock 6.1.1 Date Basis Points (BPS) Chart context menu Specialty BASI Indices Mar '23 Apr '23 May '23 Jun '23 Jul '23 Aug '23 Sep '23 Oct '23 Nov '23 Dec '23 Jan '24 Feb '24 Mar '… Mar '24 2010 2015 2020 1.50 2.00 2.50 3.00 3.50 4.00 4.50 1.00 Zoom 1m 3m 6m YTD 1y All From Mar 1, 2023 To Mar 1, 2024 HG TRACE Large Issue BASI HG TRACE Liquid BASI HG TRACE Long Bond BASI HG TRACE New Issue BASI
  • Created with Highstock 6.1.1 Week Percentage of par Chart context menu CP+ Corporate and Emerging Market BASI Jul '25 Sep '25 Nov '25 Jan '26 Mar '26 May '26 2018 2020 2022 2024 2026 0.05 0.1 0.15 0.2 0.25 0.3 0.35 Zoom 1m 3m 6m YTD 1y All From May 25, 2025 To May 25, 2026 USD_IG* USD_HY EUR_IG EUR_HY GBP_IG USD_EM

    *USD IG excludes MME Bonds (<14 months to maturity).

    CP+ Corporate BASI is calculated as the weekly median of the daily CP+ EOD bid ask spread divided by par value.

  • Created with Highstock 6.1.1 Week Percentage of par Chart context menu CP+ Treasury BASI by Tenor Jul '25 Sep '25 Nov '25 Jan '26 Mar '26 May '26 2023 2024 2025 2026 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 Zoom 1m 3m 6m YTD 1y All From May 25, 2025 To May 25, 2026 Y2 Y3 Y5 Y10 Y20 Y30

    CP+ Treasury BASI is calculated as the weekly median of the daily CP+ bid ask spread of the on the run treasury bonds within trading hours.

The Bid Ask Spread Index (the "BASI Index") referred to herein and all information and data in respect of such BASI Index are the proprietary material of MarketAxess, and are published on this website for reference only. Any other use of the BASI Index is prohibited unless under the terms of an express written license granted by MarketAxess. This prohibition includes but is not limited to uses referred to in Article 3(1)(3) of EU Regulation 2016/1011 (the "Benchmarks Regulation"). This notification serves to satisfy MarketAxess's obligations as an index-provider pursuant to Article 2(2)(h) of the Benchmarks Regulation. MarketAxess and each director, officer, employee, representative, delegate and agent thereof hereby expressly disclaims, to the fullest extent permitted by applicable law, any liability for any error, omission, interruption or delay relating to the BASI Index as well as all warranties of accuracy, completeness, merchantability or fitness for a particular purpose with respect to the BASI Index. MarketAxess shall not be under any obligation to continue the calculation, publication and dissemination of the BASI Index and may cease its calculation publication or dissemination at MarketAxess's discretion without notice.