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

# CDS Spreads

> CDS spread time series (bond spread-to-treasury proxy)

## Overview

Get CDS spread time series for corporate issuers. Spreads are derived from TRACE bond pricing data using a bond spread-to-treasury methodology, economically equivalent to CDS spreads (CDS-bond basis is typically within 20 bps for investment grade).

## Request

### Company Filters

<ParamField query="ticker" type="string">
  Filter by company ticker(s), comma-separated.

  Example: `AAPL,MSFT`
</ParamField>

<ParamField query="sector" type="string">
  Filter by sector.

  Example: `Technology`
</ParamField>

### CDS Filters

<ParamField query="tenor" type="string" default="5Y">
  CDS tenor: `1Y`, `3Y`, `5Y`, `7Y`, `10Y`
</ParamField>

<ParamField query="source" type="string">
  Data source filter: `bond_spread_proxy`, `dtcc_sdr`, `ice_settlement`
</ParamField>

### Date Filters

<ParamField query="from_date" type="string">
  Start date (YYYY-MM-DD).
</ParamField>

<ParamField query="to_date" type="string">
  End date (YYYY-MM-DD).
</ParamField>

### Convenience

<ParamField query="latest_only" type="boolean" default="false">
  Return only the most recent spread per company.
</ParamField>

### Response Options

<ParamField query="fields" type="string">
  Comma-separated fields to return.

  Example: `ticker,spread_date,spread_bps,trade_count`
</ParamField>

<ParamField query="sort" type="string" default="-spread_date">
  Sort field. Prefix `-` for descending.
</ParamField>

<ParamField query="limit" type="integer" default="50">
  Results per page. Maximum 200.
</ParamField>

<ParamField query="offset" type="integer" default="0">
  Pagination offset.
</ParamField>

## Coverage

* **111 companies** with CDS spread data
* **\~53,000 records** across all tenors and dates
* **598 trading days** (March 2023 to present)
* **5 tenors**: 1Y, 3Y, 5Y, 7Y, 10Y
* **Updated daily** at 9:30 PM ET

## Methodology

Spreads are computed using a bond spread-to-treasury proxy:

1. Select fixed-rate senior unsecured bonds with TRACE pricing
2. Group by remaining maturity into tenor buckets (1Y / 3Y / 5Y / 7Y / 10Y)
3. Apply data quality filters (price >= \$60, no estimated pricing, maturity >= 1 year)
4. Remove outliers (3-sigma for groups >= 4 bonds, range check for smaller groups)
5. Report median spread-to-treasury in basis points

Negative spreads are possible for premium investment grade issuers (floor: -200 bps).

## Examples

### Get Latest Spreads for a Company

<CodeGroup>
  ```bash curl theme={null}
  curl "https://api.debtstack.ai/v1/market/cds?ticker=AAPL&latest_only=true" \
    -H "X-API-Key: ds_xxxxx"
  ```

  ```python Python theme={null}
  import requests

  response = requests.get(
      "https://api.debtstack.ai/v1/market/cds",
      params={"ticker": "AAPL", "latest_only": True},
      headers={"X-API-Key": "ds_xxxxx"}
  )

  for s in response.json()["data"]:
      print(f"{s['tenor']}: {s['spread_bps']} bps ({s['trade_count']} trades)")
  ```
</CodeGroup>

### Response

```json theme={null}
{
  "data": [
    {
      "ticker": "AAPL",
      "company_name": "Apple Inc.",
      "spread_date": "2026-03-04",
      "tenor": "5Y",
      "spread_bps": 42.5,
      "trade_count": 12,
      "bond_count": 8,
      "source": "bond_spread_proxy"
    }
  ],
  "meta": {
    "total": 1,
    "limit": 50,
    "offset": 0
  }
}
```

## More Examples

### 1-Year Spread History

```bash theme={null}
curl "https://api.debtstack.ai/v1/market/cds?ticker=AAPL&tenor=5Y&from_date=2025-03-01&to_date=2026-03-01" \
  -H "X-API-Key: ds_xxxxx"
```

### Compare Spreads Across Companies

```bash theme={null}
curl "https://api.debtstack.ai/v1/market/cds?ticker=AAPL,MSFT,GOOGL&tenor=5Y&latest_only=true" \
  -H "X-API-Key: ds_xxxxx"
```

### Short-Term vs Long-Term Spread

```bash theme={null}
# Compare 1Y and 10Y tenors for curve shape analysis
curl "https://api.debtstack.ai/v1/market/cds?ticker=AAL&tenor=1Y&latest_only=true" \
  -H "X-API-Key: ds_xxxxx"

curl "https://api.debtstack.ai/v1/market/cds?ticker=AAL&tenor=10Y&latest_only=true" \
  -H "X-API-Key: ds_xxxxx"
```