Perform relative value analysis for a bond: 1. Current Spread Metrics: - Option-Adjusted Spread (OAS) - Z-spread - G-spread - I-spread 2. Historical Context: - Current spread vs. 1Y/3Y/5Y average - Current percentile rank - Spread volatility 3. Peer Comparison: - Select 5-7 comparable bonds (similar rating, sector, duration) - Spread differential vs. each - Credit quality differential explanation 4. Curve Relative Value: - Spread per unit of duration - Roll-down value (1 year) - Optimal curve positioning 5. Cross-Market Comparison: - CDS basis (bond spread vs. CDS) - Loan spread vs. bond spread (if applicable) - Euro vs. USD credit (if applicable) 6. Rating-Adjusted Value: - Spread vs. index by rating category - Implied rating from spread - Rating transition scenario impact 7. Carry & Roll Analysis: - Expected carry (spread income) - Roll-down P&L estimate - Breakeven spread widening Output: Rich/cheap score with specific trade recommendations (vs. alternatives).