Market Driven Pricing for Complex Debt

Valuations

Bond valuation is straightforward when markets are calm and prices are visible. It's the other times that matter … when liquidity thins, volatility spikes, and the gap between what something is marked at and what it's actually worth becomes a problem you can't ignore.

Corvid Partners was built for exactly those conditions. Our founders led the workout of Lehman Brothers' entire portfolio at Barclays — 180+ trading books, tens of thousands of positions, illiquid markets, no playbook. We didn't develop our valuation capabilities after that experience. Our experiences up to and through that is our valuation capability.

Today we price over $2 trillion in bonds and loans across 80+ countries, and we are one of the largest contributors globally to Bloomberg Valuations for illiquid and hard-to-value assets. Our numbers are grounded in market data, trader dialogue, and decades of transactional experience, not theoretical models, not book values, not what someone thinks a security should be worth.

When clients challenge our numbers, we explain our thinking. Sometimes we change our view. That transparency is part of the process, because confidence in a valuation isn't just about the number. It's about knowing where it came from.

In volatile and/or thinly traded markets, that confidence comes from knowing how the market actually operates.

What Sets Our Valuations Apart

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Transparent and Defensible

Need help refining a pricing model or testing a new liquidity metric? Every valuation is open to challenge. You deal directly with the people who priced it — not a support desk. Our models are tested continuously against actual execution data, and when something doesn't reconcile, we find out why.

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Custom Indices and Credit Mapping

We build custom indices and credit maps that reflect market sentiment and the factors that actually drive pricing — news, jurisdiction, rating, sector, and structure — to create benchmarks for pricing, trading, and hedging.

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Trusted by Institutions That Can’t Afford to Be Wrong

As one of the largest contributors to Bloomberg Valuations, we serve regulators, global banks, public pensions, insurance companies, and institutional investors with pricing built for high-stakes decisions.

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Liquidity-Aware Pricing

We evaluate not only credit risk, but also the likely ability to transact—factoring in deal size, current market depths, and historical tradability.

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Real Marketplace Intelligence

Our pricing incorporates daily conversations with market makers, traders, and portfolio managers—not just data feeds.

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Extensive Asset Coverage

From investment grade corporates and municipals to distressed debt, sanctioned sovereign paper, and assets with no visible market — we price the full spectrum.

Other esoteric, illiquid, niche asset classes that we have worked on with our clients — many of which are documented in The Corvid Field Guide, featuring practitioner derived write-ups that capture structural nuances, risk dynamics, and trading realities not typically found in conventional sources.

  • Title XI Ship Financing Bonds

  • Jones Act Bonds

  • Distressed Debt

  • Weather Derivatives

  • Weather-Linked Securitizations

  • Longevity Bonds

  • Renewable Energy

  • Catastrophe Bonds

  • Insurance Linked Securities and Warranties

  • Covered Bonds

  • Public Private Partnerships

  • Inflation Linked securities

  • Convertible Bonds

  • Film and Music Libraries and Royalties

  • Project Finance Bonds

  • Private Credit

  • Private Equity

  • Military Housing Bonds

  • Pinnacle Notes

  • High Notes

  • IG, HY, and Distressed Corporate Bonds

  • IG, HY, and Distressed Municipal Bonds

  • Government Bonds, Notes, and Bills

  • Quasi-Government Bonds, Loans, and Contracts

  • MBS, RMBS, CMBS

  • Asset Backed Securities

  • Mortgage Warehouses

  • CDOs and CLOs

  • Private Toll Roads

  • Floating Rate Notes

  • Variable Rate Demand Notes and Obligations

  • Auction Rate Securities

  • Business Development Corporations

  • Special Purpose Vehicles of all kinds

  • Public Infrastructure Assets

  • Contract Securitizations

  • GSA Leases

  • Sovereign, Supranational, and Agency Bonds

  • Multilateral Development Bank Paper

  • EETCs and Aircraft Backed Securitizations

  • Reg XXX / AXXX Securitizations

  • Life Settlement Bonds

  • ESPCs (Energy Savings Performance Contracts)

  • Sale Leasebacks

  • Lottery Receivables

  • Healthcare Receivables

  • Whole Business Securitizations

  • Index Linked securities

  • Litigation Claims

  • Leveraged Loans

  • Real Assets

  • Sukuk and Sharia Compliant Debt

  • Dim Sum Bonds, Panda Bonds and Formosa Bonds

  • Named Bonds in the Global Capital Markets

  • Derivatives of all kinds

  • Level 3 to Level 2 Assets