Market Monitor

Methodology

This page explains, in the open, how every figure on the Market Monitor is defined and sourced. The headline numbers are computed live from the dataset, not copied into a slide, so anyone can check them from this URL.

Live figures

45%

Coupon-bearing instruments with no identifiable servicer

32 of 71 coupon-bearing instruments

€0

Coupons due in the next 90 days, on servicing-gap instruments

0 due in the current 90-day window · schedule reconstructable for 2 of 32 gap instruments

313

Instruments tracked

71 coupon-bearing · 13 on-chain observable · 43 with disclosed notional

Computed live from the dataset · last refreshed 28 Sep 2026 | 16:58 CET

Definitions

Each term maps to an exact rule applied to the data.

Coupon-bearing

An instrument that carries a coupon or scheduled distribution obligation. Instruments with no coupon are excluded from coupon and servicing-gap figures.

Servicing gap

A coupon-bearing instrument for which no servicing arrangement can be identified from public sources; its servicing status is “unknown” or “orphaned”.

Identifiable servicing arrangement

A register keeper, paying agent, or servicer that is named and backed by a source. When none can be found we state “Not identifiable”, an observation about public disclosure, not an allegation about the instrument.

Orphaned

The instrument is still alive on-chain or in a register, but the issuer has publicly moved on. This requires a documented source establishing that the issuer moved on; without one, the status stays “unknown”.

Estimated coupon

A coupon rate we inferred rather than read from a disclosure. Estimated values are labelled as such and never presented as disclosed facts.

Issuer status

A factual event about the issuer taken from a public register (for example, preliminary insolvency administration ordered). It is sourced from the public register and does not by itself indicate whether coupon payments have or have not been made.

Source hierarchy

Every fact is backed by a source, and not all sources carry equal weight. We rank them into four tiers.

1 · Authoritative

Official register or regulator filing.

BaFin registerConsob registerCSSF listCNMVSEC EDGAR

2 · Primary

On-chain observation or the issuer’s own issuance disclosure.

On-chainIssuer issuance docs

3 · Secondary

Reputable third-party corroboration.

Pressrwa.xyz

4 · Weak

Marketing or project pages.

Marketing / project page

A finding sourced only to a platform’s own marketing or project pages is never published as a live instrument. “Fractional” is not “tokenized”: qualifying requires evidence that the security, or its legal register, is on-chain or on a DLT register.

How we classify

Servicing status and each role are assigned from the sources above. A role is marked “Named” only when a party is identified and backed by a source; otherwise it is “Not identifiable”. Findings that are claimed but not yet confirmed by an authoritative or primary source are held as “claimed, unconfirmed” and are neither counted nor served. Only confirmed, published instruments appear in the figures on this page.

Figures stay in native currency

Notional and coupon amounts are held in the currency in which they were issued. The servicing-gap notional is €264.3M + $430.1M. Any single-currency total is converted only at display time using ECB reference rates (2026-09-28); a converted figure is never stored. This is why the raw per-currency components are always shown: the numbers are not FX-massaged.

Per-instrument evidence

Every instrument page lists its real sources with their tier. Nothing is synthesized; each citation links to the document it came from.

See a worked example →