> ## Documentation Index
> Fetch the complete documentation index at: https://financecontext.com/llms.txt
> Use this file to discover all available pages before exploring further.

# /analyze-bond-rv

> Analyze a bond's relative value vs yield curves and credit spreads with scenario stress testing

## What is Bond Relative Value Analysis?

Bond relative value (RV) analysis determines whether a specific bond is "cheap" or "rich" compared to similar bonds and the broader market. When you buy a bond, you earn a **spread** over the risk-free government yield curve -- this spread compensates you for credit risk, liquidity risk, and other factors. RV analysis decomposes that spread to determine if you are being adequately compensated.

The key question is: "Given this bond's credit quality, sector, and maturity, is its spread wider (cheaper) or tighter (more expensive) than it should be?" A bond trading at a wider spread than comparable bonds may represent a buying opportunity; one trading tighter may be overpriced.

## Command

```bash theme={null}
/analyze-bond-rv <ISIN, RIC, or CUSIP> [vs benchmark]
```

Performs relative value analysis combining pricing analytics, yield curve context, credit spread decomposition, and rate shock scenarios.

## Workflow

<Steps>
  <Step title="Price the Bond(s)">Calls `bond_price` to extract yield, duration, convexity, DV01, and Z-spread.</Step>
  <Step title="Get Risk-Free Yield Curve">Calls `interest_rate_curve` to compute G-spread (spread over government yield at matching maturity).</Step>
  <Step title="Get Credit Spread Curve">Calls `credit_curve` to isolate the credit component. Computes residual spread = G-spread minus credit curve spread.</Step>
  <Step title="Run Scenario Analysis">Calls `yieldbook_scenario` with rate shifts (-100bp to +100bp) to show P\&L under different rate environments.</Step>
  <Step title="Synthesize">Presents spread decomposition, scenario P\&L, and rich/cheap assessment.</Step>
</Steps>

## Output

Lead with the rich/cheap assessment. Follow with spread decomposition (G-spread, credit spread, residual) and scenario tables. If a benchmark bond is provided, includes side-by-side comparison.

## Related Skill

See the [Bond Relative Value skill](/en/partner-built/lseg/skills/bond-relative-value) for domain knowledge on spread frameworks and rich/cheap methodology.