Read the market through its vocabulary.
This is not another glossary. Each concept is positioned inside a financial system: what it describes, the language around it and the BondStats research layer it connects to.
Bear Flattening
Short-end yields rise faster than long-end yields as policy expectations tighten more aggressively than the long-run outlook.
Bull Steepening
Short-end yields fall faster than long-end yields, often when markets move toward easier policy or a weaker growth path.
NIRC
Singapore’s Net Investment Returns Contribution links the state balance sheet, reserve assets and the government budget.
Term Loan B
A core leveraged-finance instrument whose language connects floating-rate debt, institutional lenders, refinancing and credit risk.
Real vs Nominal Yield
The distinction separates stated bond yields from inflation-adjusted returns and connects nominal rates to inflation expectations.
SORA OIS
Overnight-indexed swap language around SORA connects monetary conditions, derivatives pricing and Singapore-dollar funding.
Wyckoff Distribution
A market-structure framework used to describe distribution, supply pressure and the transition from accumulation to markdown.
Bond Tokenization
Fixed-income issuance and ownership represented on programmable infrastructure, linking securities law, settlement and digital rails.
Collateral Velocity
A useful lens for how collateral moves, is reused and supports financing capacity across secured funding networks.
Auction Tail Transmission
A research candidate for tracing how weak sovereign auction pricing can transmit into yields, dealer inventories and adjacent maturities.
Balance-Sheet Scarcity
A research candidate for describing periods when intermediary balance-sheet capacity becomes the scarce resource rather than cash itself.
Refinancing Concentration
A research candidate focused on maturity clusters: when large amounts of debt must refinance into the same rate and liquidity environment.
Language before the category is obvious.
Be the First is BondStats’ research queue for concepts that deserve clearer institutional framing. These are coverage candidates — not claims that a term is new or that no other publisher has discussed it.