# BondTerminal

> BondTerminal is an ISIN-first bond calculator and analytics platform. Price, yield, spread, duration, convexity, and full cash-flow schedules for sovereign and corporate USD bonds with a focus on Argentina, plus a public REST API.

- Canonical identifier: ISIN. Ticker URLs 301-redirect to ISIN canonicals.
- Three-way calculator: price ↔ yield ↔ spread. The user-edited field is the lock source.
- Spread methodology: G-spread against an interpolated US Treasury curve refreshed daily.
- Riesgo país: portfolio-weighted Argentina sovereign USD spread, methodology published on the page.
- Public API with OpenAPI spec, API-key authentication, and x402 keyless agent payments.

## API

- API base URL: https://bondterminal.com/api/v1
- OpenAPI specification: [JSON](https://bondterminal.com/openapi.json) · [YAML](https://bondterminal.com/openapi-v1.yaml)
- [MCP discovery manifest](https://bondterminal.com/.well-known/mcp.json)
- [REST API documentation](https://bondterminal.com/developers)
- [LLM-ready API docs (Markdown)](https://bondterminal.com/developers.md)
- Create an account / API key: https://bondterminal.com/developers (passwordless — magic link or Google sign-in; no payment details required).
- Versioning: URL-versioned (/api/v1); breaking changes only in a new version; ≥90 days notice via Deprecation/Sunset headers before any retirement. One field is deprecated: `oas` on search and batch rows, an alias of `gSpread`; nothing is scheduled for removal.
- Yield convention: every yield (site, API, MCP) is semi-annual bond-equivalent (S.A.) over ACT/365 for every bond, the US Treasury basis; spreads are measured on the same basis. Yield-bearing API responses carry a `conventions` block.
- Yield methodology: [How BondTerminal calculates yields](https://bondterminal.com/methodology/yields) — which yield leads for plain, callable, perpetual, reset, bank capital, floating-rate, PIK and defaulted bonds.

## Markdown versions of key pages

- https://bondterminal.com/ → [Markdown](https://bondterminal.com/index.md)
- https://bondterminal.com/calculator → [Markdown](https://bondterminal.com/calculator.md)
- https://bondterminal.com/comparables → [Markdown](https://bondterminal.com/comparables.md)
- https://bondterminal.com/sovereign-monitor → [Markdown](https://bondterminal.com/sovereign-monitor.md)
- https://bondterminal.com/about → [Markdown](https://bondterminal.com/about.md)
- https://bondterminal.com/methodology/yields → [Markdown](https://bondterminal.com/methodology/yields.md)
- https://bondterminal.com/privacy → [Markdown](https://bondterminal.com/privacy.md)
- https://bondterminal.com/terms → [Markdown](https://bondterminal.com/terms.md)
- https://bondterminal.com/guides → [Markdown](https://bondterminal.com/guides.md)
- https://bondterminal.com/guias → [Markdown](https://bondterminal.com/guias.md)
- https://bondterminal.com/guides/clean-price-vs-dirty-price → [Markdown](https://bondterminal.com/guides/clean-price-vs-dirty-price.md)
- https://bondterminal.com/guides/yield-to-maturity → [Markdown](https://bondterminal.com/guides/yield-to-maturity.md)
- https://bondterminal.com/guides/yield-to-worst → [Markdown](https://bondterminal.com/guides/yield-to-worst.md)
- https://bondterminal.com/guias/duration-modificada → [Markdown](https://bondterminal.com/guias/duration-modificada.md)
- https://bondterminal.com/guides/modified-duration-dv01 → [Markdown](https://bondterminal.com/guides/modified-duration-dv01.md)
- https://bondterminal.com/guias/tir-paridad-valor-tecnico → [Markdown](https://bondterminal.com/guias/tir-paridad-valor-tecnico.md)
- https://bondterminal.com/guias/tir-semestral-vs-efectiva-anual → [Markdown](https://bondterminal.com/guias/tir-semestral-vs-efectiva-anual.md)
- https://bondterminal.com/guias/precio-mep-vs-cable → [Markdown](https://bondterminal.com/guias/precio-mep-vs-cable.md)
- https://bondterminal.com/guides/semi-annual-vs-annual-yield → [Markdown](https://bondterminal.com/guides/semi-annual-vs-annual-yield.md)
- https://bondterminal.com/guias/bonos-step-up → [Markdown](https://bondterminal.com/guias/bonos-step-up.md)
- https://bondterminal.com/guides/perpetual-bond-yield → [Markdown](https://bondterminal.com/guides/perpetual-bond-yield.md)
- https://bondterminal.com/guides/discount-margin → [Markdown](https://bondterminal.com/guides/discount-margin.md)
- https://bondterminal.com/guides/fixed-to-floating-rate-notes → [Markdown](https://bondterminal.com/guides/fixed-to-floating-rate-notes.md)
- https://bondterminal.com/guides/144a-vs-reg-s → [Markdown](https://bondterminal.com/guides/144a-vs-reg-s.md)
- https://bondterminal.com/guides/bond-spread → [Markdown](https://bondterminal.com/guides/bond-spread.md)
- https://bondterminal.com/guides/at1-bonds → [Markdown](https://bondterminal.com/guides/at1-bonds.md)
- https://bondterminal.com/guides/how-to-compare-at1-bonds → [Markdown](https://bondterminal.com/guides/how-to-compare-at1-bonds.md)
- https://bondterminal.com/guias/bonos-at1 → [Markdown](https://bondterminal.com/guias/bonos-at1.md)
- https://bondterminal.com/guides/at1-vs-tier-2 → [Markdown](https://bondterminal.com/guides/at1-vs-tier-2.md)
- https://bondterminal.com/guias/at1-vs-tier-2 → [Markdown](https://bondterminal.com/guias/at1-vs-tier-2.md)

## For AI agents and programmatic access

- Do not scrape HTML pages for data; the REST API is cheaper, structured, and faster.
- MCP endpoint: https://bondterminal.com/mcp
- [MCP discovery manifest](https://bondterminal.com/.well-known/mcp.json)
- [MCP setup and tool reference](https://bondterminal.com/developers#mcp) — remote, read-only bond analytics for AI clients.
- x402 keyless payments cost $0.01/request; historical series cost $0.10/request; batch endpoints require an API key.
- Start with the OpenAPI specification in [JSON](https://bondterminal.com/openapi.json) or [YAML](https://bondterminal.com/openapi-v1.yaml), plus the [developer portal](https://bondterminal.com/developers).

## Core tools

- [Bond calculator](https://bondterminal.com/calculator) — price, yield, spread, duration, cash flows.
- [Comparables](https://bondterminal.com/comparables) — side-by-side bond comparison, shareable states.
- [Riesgo país](https://bondterminal.com/riesgo-pais) — Argentina country risk (EMBI-style spread), live + history.
- [Developer portal](https://bondterminal.com/developers) — REST API documentation, self-serve API-key creation, x402 quick-start.
- [Yield methodology](https://bondterminal.com/methodology/yields) — YTM, YTW, YTC and YTP: which yield leads for each kind of bond.

## Answer pages

- [Bond Math Guides](https://bondterminal.com/guides) — Learn bond yields, spreads, prices and duration with worked examples on real bonds.
- [Guías de bonos](https://bondterminal.com/guias) — Aprendé TIR, paridad, valor técnico y duration con ejemplos de bonos reales.
- [AL30 vs GD30: Argentina 2030 USD Bonds Compared](https://bondterminal.com/compare/al30-vs-gd30) — AL30 (ARARGE3209S6) and GD30 (US040114HS26) are Argentina's 2030 USD restructured bonds. AL30 is Ley Argentina; GD30 is Ley Nueva York. Compare law, callability, and pricing.
- [Clean Price vs Dirty Price Explained](https://bondterminal.com/guides/clean-price-vs-dirty-price) — Clean price excludes accrued interest; dirty price is what you actually pay. Same yield. Same cash flows. Here is when each is used and why it matters.
- [Yield to Maturity (YTM): How It's Calculated](https://bondterminal.com/guides/yield-to-maturity) — Yield to maturity is the discount rate that makes future cash flows equal today's dirty price. See how it differs from yield to worst on a callable bond.
- [Yield to Worst (YTW): How It's Calculated](https://bondterminal.com/guides/yield-to-worst) — Yield to worst is the lowest yield across maturity and each call date. See every candidate worked on a real bond, and why spread and duration follow it.
- [Duration modificada y DV01 de un bono](https://bondterminal.com/guias/duration-modificada) — La duration modificada estima cuánto cambia el precio ante un movimiento de TIR. Mirá el DV01 y un ejemplo real con un bono callable.
- [Modified Duration and DV01, Worked on a Bond](https://bondterminal.com/guides/modified-duration-dv01) — Modified duration estimates a bond's price sensitivity. DV01 puts a 1bp move in money terms. See both on a real bond and a callable case.
- [TIR, paridad y valor técnico de un bono](https://bondterminal.com/guias/tir-paridad-valor-tecnico) — Valor técnico, paridad y TIR salen del mismo precio y flujo. Mirá el GD35D y la diferencia entre paridad de mercado y paridad limpia.
- [TIR semestral vs TIR efectiva anual](https://bondterminal.com/guias/tir-semestral-vs-efectiva-anual) — Una misma TIR puede expresarse en base semestral o efectiva anual. Convertí ambas con una tabla y mirá el cálculo sobre el GD30D.
- [Precio MEP vs cable de un bono argentino](https://bondterminal.com/guias/precio-mep-vs-cable) — El mismo bono cotiza en dólar MEP y en cable, con precios y TIR distintos. Qué cambia, qué es el canje y el ejemplo del AL30 y el GD30.
- [Semi-Annual vs Annual Bond Yield (BEY vs EAY)](https://bondterminal.com/guides/semi-annual-vs-annual-yield) — Semi-annual and effective annual yields describe the same bond at one price. Convert them with a table and a real GD30 cash-flow example.
- [Bonos step up: cómo se calcula la TIR (GD30)](https://bondterminal.com/guias/bonos-step-up) — El GD30 sube su cupón y amortiza en cuotas. Mirá el flujo completo desde hoy, cómo sale la TIR y por qué el interés baja aunque la tasa suba.
- [Perpetual Bond Yield (YTP) and AT1 Calls](https://bondterminal.com/guides/perpetual-bond-yield) — Perpetual yield is annual coupon divided by clean price. See the formula on a real bond and why an AT1 instead quotes yield to first call.
- [Discount Margin: SOFR FRN Spread Explained](https://bondterminal.com/guides/discount-margin) — Learn how discount margin measures a floating-rate note's spread over SOFR. A worked SOFR FRN example, with price effects and flat-SOFR assumptions.
- [Fixed-to-Floating Rate Notes: Yield and Calls](https://bondterminal.com/guides/fixed-to-floating-rate-notes) — How a fixed-to-float bond changes coupon, with a worked bank bond example covering yield to maturity, yield to call and duration.
- [144A vs Reg S Bonds: ISINs and Trading Rules](https://bondterminal.com/guides/144a-vs-reg-s) — Compare 144A and Reg S bond ISINs, buyer eligibility and transfer rules. Real examples explain US and XS identifiers and why prices can differ.
- [G-Spread vs Z-Spread: Bond Spreads Explained](https://bondterminal.com/guides/bond-spread) — G-spread is a bond's yield minus the interpolated Treasury yield. See it worked on a real bond, how it differs from Z-spread and OAS, and when each fails.
- [Bond Calculator by ISIN](https://bondterminal.com/bond-calculator-by-isin) — Enter an ISIN to price, yield, and spread any sovereign or corporate USD bond, with its full cash-flow schedule and historical charts.
- [AT1 Bonds (CoCos): How They Work](https://bondterminal.com/guides/at1-bonds) — AT1 bonds absorb bank losses through conversion or write-down. Learn their triggers, cancelled coupons, calls, resets and ratings with real bond examples.
- [How to Compare AT1 Bonds](https://bondterminal.com/guides/how-to-compare-at1-bonds) — Compare AT1 reset margins, capital buffers, triggers, ratings, call schedules and contract terms, with real bonds and bank figures for each point.
- [Bonos AT1 (CoCos): Cómo Funcionan](https://bondterminal.com/guias/bonos-at1) — Los AT1 absorben pérdidas mediante conversión en acciones o reducción del capital del bono. Conocé sus gatillos, cupones y rescates con ejemplos reales.
- [AT1 vs Tier 2 Bonds: Key Differences](https://bondterminal.com/guides/at1-vs-tier-2) — Tier 2 ranks ahead of AT1 and has a maturity date. AT1 has no maturity and allows coupon cancellation. Compare their risks and yields.
- [AT1 vs Tier 2: Diferencias Clave](https://bondterminal.com/guias/at1-vs-tier-2) — El Tier 2 cobra antes que el AT1 y tiene vencimiento. El AT1 es perpetuo y permite cancelar cupones. Compará sus riesgos y rendimientos.

## Bond directory

- [All countries](https://bondterminal.com/bon-dir)
- [Argentina](https://bondterminal.com/bon-dir/argentina)
- [Brazil](https://bondterminal.com/bon-dir/brazil)
- [Mexico](https://bondterminal.com/bon-dir/mexico)
- [Turkey](https://bondterminal.com/bon-dir/turkey)
- [Colombia](https://bondterminal.com/bon-dir/colombia)

## Top bond pages

- [AL30 — Argentina 2030 USD, Ley AR](https://bondterminal.com/calculator/ARARGE3209S6) — ISIN ARARGE3209S6
- [GD30 — Argentina 2030 USD, Ley NY](https://bondterminal.com/calculator/US040114HS26) — ISIN US040114HS26
- [AL35 — Argentina 2035 USD, Ley AR](https://bondterminal.com/calculator/ARARGE3209T4) — ISIN ARARGE3209T4
- [GD35 — Argentina 2035 USD, Ley NY](https://bondterminal.com/calculator/US040114HT09) — ISIN US040114HT09
- [AL29 — Argentina 2029 USD, Ley AR](https://bondterminal.com/calculator/ARARGE3209Y4) — ISIN ARARGE3209Y4
- [GD29 — Argentina 2029 USD, Ley NY](https://bondterminal.com/calculator/US040114HX11) — ISIN US040114HX11