featured_images_2026 Webinar Issuer Curve


Join us for an insightful webinar hosted by Dmitry Pugachevsky.

This session explores why building issuer CDS curves from bond prices is critical for identifying relative value and hedging opportunities. We discuss how bond-implied credit spreads differ from Z-spreads, and the challenges involved in constructing consistent issuer curves from bond markets. Special consideration will be given to complexities created by callable bonds.

  • Date: Wednesday 4th February 2026
  • Time: 3pm GMT / 4pm CET / 10am EST
  • Venue: Online

Webinar Recording

Building Issuer Credit Curves from Bonds: Unlocking Relative Value Opportunities

Webinar Overview

Agenda

1:  Importance of bond credit curves for relative value analysis and hedging

2:  Difference between Z-spread and bond implied credit spread

3:  Analytical and data processing challenges for building issuer credit curves

4:  Additional complexity with using callable bonds 

5:  External vs internal build

Hosted by:

Dmitry Pugachevsky

dmitry

Dmitry Pugachevsky
Director, Research, Quantifi

Dmitry is responsible for managing Quantifi’s global research efforts. Prior to joining Quantifi in 2011, Dmitry was Managing Director and a head of Counterparty Credit Modeling at JP Morgan. Before starting with JPMorgan in 2008 Dmitry was Global Head of Credit Analytics at Bear Stearns for seven years. Prior to that, he worked for eight years with analytics groups of Bankers Trust and Deutsche Bank. Dr. Pugachevsky received his PhD in applied mathematics from Carnegie Mellon University. He is a frequent speaker at industry conferences and has published several papers and book chapters on modeling counterparty credit risk and pricing derivatives instruments.

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