◆ Supervised Specialist
Assembles the comparable-bond universe, computes spreads and new-issue concession, and frames the pricing read against the live secondary market. Keeps the comp set continuously current across the pipeline, every spread reconciled to source levels.
Memory
Working The issuer, the comparable-bond set and the concession calc.
Episodic Prior new issues by the issuer and how they priced.
Semantic Curve construction, rating-tier spread conventions, new-issue norms.
Procedural Comp-selection playbooks per sector and rating.
Store Fixed-income data warehouse + vector store
Orchestration
pipeline MCP
Harness · Managed Agents … sandboxed spread math; context editing clears stale market-data dumps on long comp runs.
Tools
⌘ Fixed-income market data (Bloomberg) MCP ›_ Spread / concession sandbox Code exec ⌕ Prior-issuance retrieval Retrieval ⇄ Desk-agent review channel A2A
Evals & guardrails
- Spread computations reconciled against source secondary levels.
- Concession read sanity-checked against recent comparable new issues.
- The desk agent re-derives and owns the pricing recommendation to the client.
Offline reflection
Replays printed deals vs. its concession reads to calibrate new-issue premium assumptions per rating tier and market regime.
Frontier edge
- ▲On-device / edge inference: a local low-latency model on the real-time secondary feed so spread reads track the curve without round-tripping.
- ▲World-model simulation: simulates likely new-issue concession and demand at each spread level before the desk lands on guidance.
- ▲Continual learning: eval-gated calibration of premium assumptions per rating tier from printed vs. predicted (SEAL-style), no full retrain.
In numbers
220
Pricing reads / week
100% of the pipeline, continuously
Comp sets kept live
Handoffs
Across ⇢ Markets → credit trading for live secondary levels