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Empirasign Blog Entry: Price Talk Vectors

Price Talk Vectors

June 7, 2011

average price talk for bonds in BWIC

Above is a snippet of a sample BWIC. First, you will notice that price talk is displayed even after auction results become available. Additionally, for every bond that we have price talk from multiple dealers, the displayed price talk is an average. In the circled example above, the price talk is displayed 5:101.5. The number before the color, 5, indicates how many dealers we have indexed priced talk for on this bond. The decimal number to the right of the colon, 101.50, is the average of that talk. The PxTalk field becomes a hyperlink when we have talk from more than one dealer. Click through to see how wide the variation is for the price talk. For the example bond, the dealer level price talk is displayed below. To compute averages, we convert prose description of prices, such as “mid 50s”, to decimal form. The original list used for this example is accessible here: http://www.empirasign.com/db/view_bwic.php?list_id=110607D (Subscription Required).

dealer level price talk for a BWIC bond