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Denominated in €, $, £, Fr. Our current spotlight is on the universe of bonds denominated in Euros, US Dollars, British Pounds, and Swiss Francs.
Favorable risk-to-return ratio. In our assessment, the bonds highlighted present tolerable credit risk while offering yields that stand out compared to bank deposits and other bonds.
Accessible Investment Sizes. The bonds are available for trading in smaller, more manageable lots of up to 1,000 EUR or equivalent.
Market Liquidity. We prioritize bonds that are widely accessible through numerous brokers and exhibit active trading with consistent bid and ask quotes.
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To calculate yield after tax, we need to know your country of tax residence:
This feature is currently supported only for residents of:
If you are a resident of Italy, please update your country in your User Profile settings.
The format we use to display the name of a bond is as follows: “Issuer Name”, “Current Coupon Rate”, “Maturity Date (mm-yyyy)”.
The return you would get if you bought at a given price and held to maturity, expressed on an annualised basis. If the bond has embedded options (i.e. put or call options), the yield is calculated to the worst possible outcome for you.
The difference in before-tax return between an investment in a bond and an investment in a bank deposit, both with the same maturity and in the same currency, assuming the bond is held to maturity. The benchmark deposit rate used for comparison depends on the currency of the bond and is derived from fixed-term deposits available in the following countries:
For the benchmark deposit rate, we use indicative bank deposit rates from central banks. When central bank statistics are significantly delayed, we rely on actual deposit rates from leading banks within the selected country where possible.
The best available clean price at which a bond can be bought.
The term 'firm price' refers to the price that closely approximates the ask price seen from brokers known to us who trade the bond. It is calculated as the average of the best ask prices at market close on the most recent trading day, from the most liquid exchanges where the bond was actively traded. Selecting this option enhances your confidence in matching the price when accessing your broker's application
Proceeds from the bond issue are used to finance environmentally friendly projects, such as reducing carbon emissions or mitigating the effects of climate change
When this option is selected, the screener excludes Subordinated and Senior non-preferred bonds.These bonds rank lower in the repayment order and carry higher risk.
Only Senior and Secured bonds remain visible, which generally have higher priority in case of issuer default.
When this option is selected, the screener excludes bonds that do not pay regular interest. Only bonds with periodic coupon payments remain visible.
Zero-coupon bonds are issued at a discount and repay their full face value at maturity. The investor’s return comes from the difference between the purchase price and the redemption amount.
Example: A 5-year zero-coupon bond bought for €800 and redeemed at €1,000 will generate €200 of income at maturity. This corresponds to an annualized return of approximately 5%: (€1,000 – €800) / €800 / 5
The estimated annualised return if you bought the bond at the current market price and held it to maturity, after applying the applicable tax rate.
Formula:
Yield after tax = Yield × (1 − applicable tax rate)
The tax rate is determined by the country of tax residence selected in your user settings.
In jurisdictions where multiple tax rates apply (e.g. preferential rates for certain bond types), the relevant rate is applied. If a bond benefits from a lower tax rate than the standard base rate, the after-tax yield is highlighted in green.
Important:
This calculation is indicative and based on general assumptions. Individual tax circumstances may differ. Bondfish does not provide tax advice and cannot account for all personal factors. Please consult a qualified tax advisor before making investment decisions.
When enabled, the Yield column displays the estimated yield after tax instead of the gross yield.
Formula:
Yield after tax = Yield × (1 − applicable tax rate)
The applicable tax rate is determined by the country of residence selected in your user settings.
In certain jurisdictions (e.g. Italy), tax rates may vary depending on the bond type. Where relevant, the appropriate rate is applied. If a bond benefits from a tax rate lower than the standard default for that country, the after-tax yield is highlighted in green.
Important:
This calculation is indicative and based on general assumptions. Individual tax circumstances may differ. Bondfish does not provide tax advice and cannot account for all personal factors. Please consult a qualified tax advisor before making investment decisions.
Eligible for 12.5% tax rate:
The time to maturity of a bond from today, expressed in years.
An assessment of a borrower's creditworthiness, or the likelihood that the borrower will pay its debts and not go bankrupt.
Credit risk level is based on the average publicly available credit ratings of the issuer and its bonds assigned by the major rating agencies: S&P, Moody’s, and Fitch.
An assessment of a borrower's creditworthiness, or the likelihood that the borrower will pay its debts and not go bankrupt.
We calculate the average publicly available bond and borrower credit rating assigned by global rating agencies and present it on a five-point scale with the following meaning:
The country in which a borrower's main business is located, either in terms of assets or sources of income.
The high-level type of industry in which the borrower of a bond operates.
Brokers and banks known to us that allow you to trade the bond you are looking at on their platform.
The minimum tradable amount for a bond, expressed in the bond’s currency. This is not relevant if the broker allows you to trade fractions of bonds (Trade Republic is an example).
International Securities Identification Number (ISIN) is a globally recognized unique identifier for a security. Click on it to copy it to the clipboard and look it up with your broker.
We offer two different types of pricing data, both calculated in-house: 'firm price' and 'indicative price'.
The 'firm price' is based on the lowest ask price from the previous day’s trading session taken from the exchanges listed below and adjusted for the liquidity level of the venue specific to the instrument.
Exchanges used to calculate the 'firm price':
The 'indicative price' is generated by our unique pricing model, which aggregates data from multiple sources to estimate a value for the instrument on the last trading day. This model incorporates multi-factor analysis, taking into account aspects such as trading volume at relevant venues, randomised factors and a pre-defined maximum variance.
Please note that the pricing data provided by Bondfish is proprietary and may not be redistributed without explicit permission.
The classification of a bond that indicates the order of priority for repayment in the event of the issuer's bankruptcy:
A bond is considered liquid if, based on data from our partner brokers:
Shows bonds with a purchase price below 100 (below face value).
If you buy a bond below 100 and hold it until maturity, it is usually repaid at 100.
The difference is a capital gain.
Example:
Buy at 95, receive 100 at maturity → +5 capital gain.
In some countries, capital gains can be used to offset previously realized investment losses.
Example:
An investor previously sold shares with a loss of 5.
He buys a bond at 95 and holds it to maturity.
The +5 capital gain can offset the earlier −5 loss, so no tax is paid on the gain.
This improves the net return.

Investors love to talk about rate cuts, but last week’s Treasury market jitter told a different story. Weak auction demand and rising term premiums hint at deeper worries - about deficits, supply, and who will buy America’s debt. It’s a small move for now, but could these cracks widen into a challenge for Washington’s borrowing machine?
The past week brought a reminder that not all is calm in U.S. fixed income markets. Despite upbeat sentiment in equities and credit, a mid-week $42 billion 10-year Treasury auction drew tepid interest, with a higher-than-expected tail and weaker bid-to-cover ratio.
The term premium - the extra yield investors require for the risk of holding long-maturity bonds - has been trending upward in recent sessions, reversing part of the decline seen earlier this year.
Analysts at Barclays called the result “a sobering signal” that investors are demanding more compensation for holding longer-dated debt.
JPMorgan strategists link this to a combination of fiscal concerns, shifting inflation expectations, and uncertainty over the Fed’s policy path. Even with a potential rate-cut cycle in view, they warn that structural factors, such as heavy issuance and diminished foreign demand, could keep upward pressure on long-term yields.
Goldman Sachs adds that the market’s sensitivity to auction outcomes has increased since the Treasury Department’s quarterly refunding announcement in early August, which confirmed a ramp-up in longer-dated issuance. UBS notes that supply dynamics are now a bigger driver for Treasuries than short-term policy expectations.
For bond investors the takeaway is clear: the front end may benefit from easing, but the long end faces a rougher road. While the Fed’s eventual easing could support short maturities, long-dated Treasuries remain at the mercy of supply, demand, and the shifting appetite for term risk.
At Bondfish, we see the recent softness in long-end demand not as a sign of structural weakness in U.S. creditworthiness, but as a reflection of near-term supply dynamics, auction psychology, and the current level of yields. In our view, structural buyers for Treasuries remain — and could expand — as U.S. trade and investment agreements allied countries, such as the recent deals with Japan and the EU, bring fresh foreign capital into strategic industries and as policy tools are deployed to manage issuance without destabilizing the market.
The administration’s willingness to align trade negotiations with capital flows, secure guaranteed demand for critical sectors, and keep duration issuance flexible until rates are lower points toward an eventual environment where the long end can rally meaningfully. If rate cuts materialize — and we think political and economic incentives point in that direction — the curve is likely to shift down in parallel, with scope for catch-up performance in long maturities.
For now, the front end may be the cleaner beneficiary of early easing, but we see value in selectively positioning in the long end ahead of a potential pivot — particularly if forthcoming trade deals and funding arrangements increase confidence in Washington’s borrowing capacity.

