Composite bond prices and credit curves, plus money market benchmark rates

What is 7 Chord?

7 Chord is a trading technology and analytics firm built around BondDroid, its machine learning pricing engine for the global bond market. BondDroid distills trade prints, quotes, and related market signals into composite bid, ask, and mid prices for corporate, sovereign, agency, and supranational issuers, then fits issuer level credit curves from those prices every day. The same engine also standardizes the core U.S. money market benchmarks researchers rely on, from the effective federal funds rate through SOFR and historical LIBOR.

-

What academic researchers should know about 7 Chord bond and money market data

On Dewey, 7 Chord publishes daily composite bond prices for North America, Emerging Markets, and EMEA and APAC, snapshotted at the 6pm ET New York close, with pricing history running back to January 2012. Companion credit curve tables solve for option adjusted spreads, hazard rates, and yields across an eleven-point maturity grid, with corporate curves from 2021 and a continuously updated sovereign curve that includes U.S. Treasuries. A separate money market collection carries the effective federal funds rate back to July 1954, SOFR since its introduction in 2018, historical USD LIBOR, commercial paper rates, and the FINRA and SIFMA holiday calendar needed to align any series to valid settlement days.

‍

Why academic researchers choose 7 Chord on Dewey

Most researchers assemble this picture by hand, pulling Federal Reserve fixings, ICE panel data, and DTCC settlement records into separate files with separate conventions. 7 Chord standardizes all of it into one schema, with issuers classified by NAICS sector, ISO country of risk, and World Bank region, so a bond price, its credit curve, and the funding rate it prices against all speak the same language. Every composite price row also carries the ensemble's own diagnostics, including which model drove the estimate and how much the underlying experts disagreed, giving methodology-focused researchers a rare window into how a machine learning pricing engine actually behaves.

‍

7 Chord academic research ideas and use cases

• Monetary policy transmission across cycles. The federal funds rate back to 1954 paired with corporate credit curves lets researchers trace how tightening and easing cycles, from the Volcker era through the post pandemic hiking cycle, actually moved corporate spreads.
• Sovereign and corporate spread spillovers. Composite emerging market bond prices set against the sovereign credit curve table support research on sovereign risk pricing and how stress in one spreads into the other across less liquid markets.
• Cross-market relative value and liquidity. The regional split across North America, EMEA and APAC, and Emerging Markets supports research on currency hedged relative value and liquidity differences across the global bond market.
• Machine learning pricing methodology. Every composite price row exposes the pricing engine's own diagnostics, including which model drove the estimate and how much the underlying experts disagreed, supporting research on model behavior, training window sensitivity, and pricing accuracy around market stress events.

‍