V-Score

Model-based relative Value factor

V-Score – a measure of credit spread relative to market or industry peers

• Based on proprietary V-Score models that estimate the market-implied fair value option-adjusted spread (OAS) as a function of issuer quality and duration
• Value is measured as the distance between actual and model-estimated OAS, with a positive V-Score implying better value and negative V-Score poorer value
• General and industry-specific V-Score options are available on SQN for general comparisons across industries, as well as within an industry