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Yield Book. Trusted by the market. Driven by you.

  1. 1

    Yield Book’s trusted fixed-income analytics combined with Refinitiv’s market-leading data creates even more possibilities for your workflows. With Yield Book and Refinitiv working together as one company under the London Stock Exchange Group (LSEG), fixed-income professionals now have a full solution across data and analytics. Leverage the quality and breadth of Yield Book’s leading fixed-income analytics and functionality via Refinitiv Eikon and Workspace, a powerful solution for fixed-income professionals. With exclusive benchmark market data, market-moving news, unique analytical tools and click-to-trade functionality from Tradeweb®, it’s a one-stop shop for traders fixed-income needs.  Learn more about Yield Book single security calculator in Eikon.

    Early illustration of proposed Yield Book platform

  2. 2

    29 January 2021: LSEG and Refinitiv have combined to become a leading global financial markets infrastructure and data provider. Yield Book plays a pivotal role in the Data & Analytics division of the newly combined organization.

    • Delivered comprehensive analytics as a combined company: Integration of Refinitiv corporate ESG bond data in Yield Book
      Since LSEG’s historic acquisition of Refinitiv, Yield Book strives to provide our customers access to high quality, market-leading data and analytics, and we are proud to offer clients an integrated analytics solution for assessing ESG impact across sub-asset classes of the fixed income universe. Refinitiv offers one of the most comprehensive ESG databases in the industry on corporate bonds, covering over >80% of the global market cap, with a history going back to 2002. Data coverage spans 10,000+ global companies, across 76 countries, spanning major global and regional indices. Combining Beyond Ratings’ market-leading climate and ESG data on sovereigns, with Refinitiv’s ESG scores and metrics on corporate bonds, Yield Book enables users to incorporate sustainability easily and flexibly into decision-making on single securities and portfolios and provide a deep and clear understanding of sustainability in corporate credit and sovereign holdings. Learn more about Yield Book ESG Analytics for the fixed income universe.
    • Access Yield Book Fixed Income Analytics via Refinitiv Datascope Landing Zone
      Yield Book provides a one source solution for fixed income. Access to Yield Book via DataScope provides T&Cs, pricing, analytics and Index data, all in one place. The calculations also underpin construction and calculation engine of FTSE Russell fixed income indices. Yield Book and Refinitiv are collaborating to provide a comprehensive proprietary set of Yield Book fixed income analytical content for large universes of global government and corporate bonds, as well as US municipal bonds, which are updated daily.  Learn more about Yield Book Fixed Income Analytics via DataScope.
    • Expanded Historical Collateralized Mortgage Obligation (CMO) capability
      Building upon our strength in securitized analytics, Yield Book provides customers access to historical snapshots for pools, deals and Re-Remics. Historical CMO snapshots allow clients to increase accuracy for calculating the projected value in Actual vs. Projected, calculate change in price due to updates in indicative data (credit score, LTV, DTI, ETC) in return attribution, and more easily troubleshoot changes in analytics due to factor and collateral updates.  Learn more about Yield Book Structuring Tool.
    • Enhanced Structuring Tool to cover Credit Risk Transfer (CRT) & Non-Agency (NAGY) deals
      Yield Book offers multiple, flexible delivery channels and extensive configuration options to support clients with their individual fixed income needs. Utilizing the best-in-class analytics capability, the Yield Book Structuring Tool is an application designed for traders who wish to structure newly issued Agency Collateralized Mortgage Obligation (CMO), Credit Risk Transfer (CRT) deals or Non-Agency deals in the primary market.  Learn more about Yield Book Structuring Tool.
    • Launched Euro Government Liquidity Metrics for liquidity assessment within European sovereign bond markets,
      A Yield Book and MTS collaboration for transaction level and pre-trade approach to liquidity ratio analytics within fixed income markets. MTS Market Data delivers an un-paralleled source of pre- and post-trade transparency sourced from a trading community of over 500 unique counterparties and average daily turnover exceeding EUR 100 billion. The combination of Yield Book’s advanced analytical models with MTS’ wealth of pre-trade and executed transactional data enhances clients’ liquidity risk research and meets their decision-making needs, allowing seamless integration of pre-trade and post-trade metrics into the investment process. Learn more about European government bond liquidity metrics.
    • Launched Default-Adjusted Analytics for default risk management for the global corporate bond market
      Yield Book has collaborated with the National University of Singapore Credit Research Initiative (NUS CRI) to map probabilities of default to corporate bonds, providing daily and reliable default probabilities and default adjusted analytics. Yield Book analytics provides comprehensive credit risk solutions to clients to better manage and report the risk associated with investing in corporate bond instruments. Learn more about Yield Book Credit default adjusted analytics

    Early illustration of proposed Yield Book platform

  3. 3
    • Launched the Loan Collateral Analyzer (LCA) for Agencies
      Yield developed a solution for clients to drill down and create dynamic and custom stratifications of loans for pools and pools of pools, Agency Collateralized Mortgage Obligations (CMOs), Yield Book CMO Cohorts, User deals - new issue Agency CMOs created in the Yield Book Structuring Tool, and Multiple Securities. With customization and the ability to create bespoke stratifications to meet advanced analysis needs, users can scan loans across multiple vintage and coupon stacks to understand the impact of micro and macro events on prepayments, as well deep dive into collateral characteristics and understand what % of loans are delinquent.  Learn more about Loan Collateral Analyzer.
    • Added analytics for climate & ESG risks in sovereign bond markets
      Yield Book is partnering with Beyond Ratings, a market leading climate and ESG data provider with transparency into underlying Environment, Social, and Governance drivers, for users to easily integrate climate and ESG risk analysis into investment processes. With Yield Book’s sovereign bond ESG analytics, users can easily measure carbon footprint of sovereign portfolios, current temperature trajectories and gap to 20 degree scenarios and conduct ESG-adjusted portfolio analytics on-demand through the Yield Book Add-In and API.  Learn more about Yield Book Beyond Ratings ESG Climate Risk.
    • IBOR Transition to new Risk-Free Rates
      Global regulators are focused on a transition away from IBORs to new (nearly) risk-free-rates such as SOFR, SONIA and €STR. These new rates will be essential to financial infrastructure and will be used for calculation of coupons, projection of future cashflows and discounting. Yield Book is committed to assist the industry in the transition from LIBOR to SOFR and related indexes across all relevant asset classes and currencies. Significant enhancements and updates have been made to support the new risk-free-rates, and Yield Book continues to monitor market events related to the IBOR transition.  Log in to yieldbook.com.
    • Forbearance: capturing the impact of the COVID-19 pandemic on the US mortgage market
      Yield Book released Forbearance Data and Projection Options, a significant enhancement for investors to account for the impact of the COVID-19 pandemic on the US mortgage market. Additional forbearance and modification related collateral cashflow items are available in Yield Book Add-In and API. Yield Book continues to monitor market changes and implement enhancements to help customers navigate the ever-changing fixed income landscape

    Early illustration of proposed Yield Book platform

  4. 4

    The London Stock Exchange Group completed the acquisition of Yield Book and Citi Fixed Income Indices from Citigroup Inc. The acquisition represents a significant step in acquiring a world-class fixed income analytics and index business, enhancing our ability to provide customers with broader multi-asset capabilities and a deeper data and analytics offering.

    Yield Book in 2017 becames part of the London Stock Exchange Group
  5. 5

    As we look to the future, we reflect on our past. Developed at Salomon Brothers in 1989, The Yield Book has a proud legacy as a pioneer in fixed income analytics. Over the past 25 years, we have relentlessly focused on delivering impactful tools that help our customers make informed decisions. This unwavering commitment drives us forward as we embark on a series of new initiatives that we hope will redefine our business and build upon our rich history.

    Yield Book in 2014 turns 25 years old
  6. 6

    Like many releases and enhancements, the Yield Book Add-In was created at the request of our customers. This product allows users to easily and directly interact with Yield Book data and analytics inside Microsoft Excel®. Originally designed as a single security tool, the Yield Book Add-In has been subsequently updated to mirror the functionality of The Yield Book itself, including robust portfolio analysis capabilities. It serves as an alternative to The Yield Book and has been broadly adopted by both broker-dealers and institutional money managers.

    Click here to learn more about the Yield Book Add-In

    Yield Book in 2006 introduces the Add-In

    Microsoft and Excel are trademarks of the Microsoft group of companies.

  7. 7

    In an effort to distribute Yield Book analytics through alternative channels, the first Yield Book Business Partner relationship was formed in 2003. The joint solution allowed customers to access Yield Book’s analysis tools for securitized securities directly from within the partner’s platform. Today, selective business partnerships create an important link between Yield Book analytics and our partners’ products, creating solutions that meet diverse needs.

    Click here to learn more about Yield Book's Integrated Solutions.”

    Yield Book in 2003 initiates business partner relationships

    Advertisement for first business partner’s solution

  8. 8

    One of the driving forces behind the creation of The Yield Book in 1989 was a desire to define an industry standard for fixed income analytics. To achieve this goal, it was essential to secure widespread usage by both institutional money managers and fixed income broker-dealers. In 2002, the licensing of The Yield Book to sell-side broker-dealers began. Today, a vast majority of the primary broker-dealers and many regional broker-dealers in the US use The Yield Book in market making, research and strategy, and risk management.

    Click here to learn more about the Yield Book for Broker-Dealers.

    Yield Book in 2002 expands to sell-side broker-dealers
  9. 9

    The tragic events of September 11th, 2001 presented unique challenges for customers in accessing The Yield Book. Many of the dedicated network connections that delivered The Yield Book were severed. With US trading at a standstill, The Yield Book was identified as a critical application for the fixed income business so, in turn, great efforts were put forward to have the system up and running when the US markets reopened. Enduring chaotic conditions and limited resources, 12 dedicated Yield Book team members worked around the clock. As a creative response, the team was able to deliver a solution that allowed customers to access The Yield Book over the Internet. Today, the Internet is the primary delivery mechanism for all Yield Book products.

    Yield Book in 2001 transitions to the internet
  10. 10

    As the user base in the US. steadily increased throughout the 90s, demand for The Yield Book grew internationally. This demand was driven both by multinational institutions with operations outside the US and by money managers in international markets. In 2000, a Yield Book office was opened in London to service European clients. By 2001, 12 customers signed up to use The Yield Book in Europe with the bulk of the users located in the UK, France, and Germany. Today, The Yield Book has offices across the globe including London, Tokyo, Hong Kong, Taipei, and several locations in the US.

    Yield Book in 2000 expands internationally
  11. 11

    The first Yield Book training workshops were hosted in New York City and San Francisco in 1998. These workshops offered users the opportunity to learn the intricacies of The Yield Book, pose questions to the account management team, and network with fixed income professionals from other institutions. Today, workshops are held regularly around the globe and are a cornerstone of the Yield Book training regimen.

    Click here to view our upcoming workshop schedule

    Yield Book in 1998 introduced Yield Book training workshops
  12. 12

    A change in policy gave all institutional money managers the opportunity to license The Yield Book for a fee, regardless of their trading relationship with Salomon Brothers. Salomon Analytics Inc. was created as a separate legal entity to operate at arm’s length from the broker-dealer. In the six months following, 43 new customers signed up to use The Yield Book. As a result of the change in licensing policy and the rapid expansion in the user base, a concerted focus was placed on excellence in customer service and system support – both of which are hallmarks of The Yield Book today.

    Yield Book in 1996 is made commercially available to buy-side institutions
  13. 13

    The initial success of The Yield Book led to a rapid expansion in the project’s scope. Shortly after its internal release, The Yield Book was deployed on a complimentary basis to Salomon Brothers’ most valued customers as a way to strengthen the firm’s key relationships. By the end of 1991, The Yield Book had developed a substantial following, both internally and with 25 institutions externally. Over the next year, the customer base further expanded to 125 institutions, with many more expressing an interest in access.

    Yield Book in 1991 graph showing rapid growth of users
  14. 14

    Throughout the 1960s, 70s, and 80s, the research department at Salomon Brothers produced countless publications, known as "brown books," that helped shape the way the investment community thought about and analyzed bonds. To expand on Salomon Brothers’ preeminence in research and analytics, development began on an innovative fixed income analytics software platform in 1989. "The Yield Book" was chosen as the name for the platform as an homage to the price/yield tables that were common in the 1960s and to the classic investment tome "Inside the Yield Book: New Tools for Bond Market Strategy" written by Sidney Homer and Martin Leibowitz in 1972.

    On July 1, 1989, the first version of The Yield Book was deployed to select Salomon Brothers’ salespeople and branch analysts internally and to three customers externally. The impact of The Yield Book was quickly apparent as it enhanced the dialogue between the firm and its customers, allowing customers to make more informed investment decisions. The original version of The Yield Book was delivered via workstations over a dedicated network and allowed users to perform single security price/yield calculations and scenario rate of return analysis.

    Yield Book in 1989 early illustration of proposed Yield Book platform

    Early illustration of proposed Yield Book platform