Bloomberg today announced its innovative pricing solution, Intraday BVAL (IBVAL) Front Office, now covers all EUR and GBP investment grade and high yield credit bonds included in Bloomberg’s flagship Europe and UK credit indices, and more.
New contextual features have also been released giving traders insight into IBVAL’s pricing. This marks the latest expansion of IBVAL, which launched in 2023 pricing USD credit securities.
“As credit markets transition to more electronic trading, there’s increasing demand for rapid pricing insights, especially for less liquid securities, to actively manage client portfolios, develop credit algos, execute portfolio trades, and to inform trading decisions more broadly,” said Eric Isenberg, Global Head of Enterprise Data Pricing at Bloomberg. “The introduction of IBVAL pricing in Europe backed by contextual metadata provides a new defensible price discovery channel for the world’s largest credit markets.”
IBVAL uses an innovative machine learning model that consumes billions of market data points from a variety of data sources to deliver real-time pricing across the liquidity spectrum. Customers receiving IBVAL through B-PIPE will also be able to view the associated scores from Bloomberg’s leading evaluated pricing service, BVAL. This BVAL score is from 1 to 10 and reveals the relative amount and consistency of market data used to calculate the IBVAL price for a given security as of the most recent BVAL snapshot. A lower score indicates there was less comparable market data available to derive the IBVAL price. This can be an especially powerful data point to help inform trading decisions when there’s limited information available about a given security.
Additional new features include I-spread and G-spread metrics that publish alongside IBVAL pricing enabling traders to understand the relative value analytics of the underlying bond prices. The scores and relative value metrics are available for all of IBVAL’s global pricing providing traders with deeper insights into what drives IBVAL pricing. IBVAL continues to be enhanced with new features and expanded coverage to meet traders evolving requirements.
IBVAL is available on the Bloomberg Terminal by loading a security then selecting IBVL PCS as the preferred pricing source. IBVAL is also available via Bloomberg's real-time market data feed, B-PIPE, so clients can readily integrate intraday pricing data across their enterprise. To learn more, click here.