G-255 USD New Issue Supply Trading Model Performance Summary with 2026 Trading Indicators

G-255 January 2026 New USD G-255 Supply

· 63 issuers offered 163 separate bonds ($171 billion total capital — January record).

· Net new supply: $82 billion (third behind January 2017 and January 2024).

· Eight issuers came to market at least twice.

· 71% from financials (January record for G-255 supply).

Model Performance & Selectivity

· The G-255 systematic model generates long indicators for only ~12% of new issues (which represent ~67% of total annual USD new debt capital).

· When bonds are held until they reach their avoid-trading level, the model has historically been successful 97% of the time.

January 2026 New Issue Statistics

· 52 G-255 issuers came to market in USD during January 2025

· Total of 154 bonds issued

· 92 of those bonds have already reached their avoid-trading level according to the G-255 credit model

Broader New Issue Performance (All 2025 G-255 Issues)

· 96% of avoid-trade indicators delivered an average return of just under –8 bp over a 34-day average holding period

· Over the past 12 months, 1,054 of 1,100 G-255 USD bonds issued (totaling $1.147 trillion notional) have reached avoid signals

· All 20 December 2025 G-255 new issue trade indicators were reached in less than 22 trading days

Attached are all G-255 new supply trading indicators going forward in order to document their performance over time.

In today's report, we include the G-255 new issuer credit trade indicators for:

· the first week of January 2026 (22 trading days have passed), and

· the first week of February 2026.

First week of January 2026:

88% of the 92 bonds sold by the world's largest issuers reached their G-255 fair value trading point, while tightening by an average of -5.63 bps.

First week of February 2026:

This period includes 7 new Oracle bonds. All but one reached their G-255 trading model fair value level at pricing (February 2, 2026) and have since widened by an average of +5.2 bps from their initial trade levels.

Going forward, we will continue to track all G-255 new issue indicators that have not yet reached fair value.

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Disclaimer - This report is not intended as, and does not constitute an offer, or a solicitation to buy or sell any securities or financial instruments. All data, levels, opinions, and representations herein are provided for informational purposes only and should not be relied upon for making investment decisions. Past performance is not indicative of future results. The authors of this report assume no liability for losses or damages arising from the use of this information. Investors should consult with a qualified financial advisor before making any investment decisions. The information in this report is based on sources believed to be reliable, but no guarantee is made as to its accuracy, completeness, or timeliness.