Spline Data Launches Distribution-Based Pricing For its Enhanced Datasets

The only data of its type available through a third-party provider, Spline's product allows municipal bond traders to determine how likely a trade is at every price level

CHICAGO, Oct. 29, 2026 /PRNewswire/ -- Spline Data, a leading provider of quantitative U.S. municipal bond pricing data and analytics, today announced the launch of Distribution-Based Pricing, introducing sophisticated trade-likelihood analysis to its customers. Distribution-Based Pricing is the latest addition to Spline's Enhanced Datasets, joining Duration/Risk Management and an Enriched Trade Feed, and further enhances Spline's cutting-edge data products built for municipal trading desks.

Spline's Distribution-Based Pricing reveals the full spectrum of probable trade outcomes well beyond a single bid, mid, or ask price. The dataset gives users insight into how bidding or offering, whether cheaper or richer, affects the likelihood of a trade in that bond. Distribution-Based Pricing also gives an informed view of relative value in the absence of direct market data.

"A single price tells you where a bond is most likely to trade. It doesn't tell you how much you need to give up when you want to move it faster, or how much more you can profit if you're willing to wait," said Matthew Smith, founder and CEO of Spline Data. "In other words, evaluated pricing tells you what your house is worth on paper, predictive pricing tells you what it's most likely to sell for, and distribution pricing tells you whether a price will trade this weekend or next month. This is a leap in the frontier of municipal bond pricing models, and immediately enables sophisticated and optimizable trading."

Paired with a firm's own trading goals and constraints, Spline's Distribution-Based Pricing further narrows what might be the optimal execution set of trades and levels. For dealers, that means efficiently pricing inventory to maximize trading profits within the bounds of the balance sheet; for asset managers, it means being able to easily improve execution alpha, confidently put cash to work quickly, and magnify the effects of portfolio optimization.

Distribution-Based Pricing covers Spline's full pricing universe, is delivered via existing delivery mechanisms, and can be purchased separately from Spline's pricing and curve products. To schedule a demo, visit splinedata.com.

About Spline Data
Spline Data is the creator of quantitatively driven yield curves, real-time pricing, and primary market analytics for the municipal bond market, providing clients with innovative trading and investment market data solutions. Spline Data has offices in Chicago and New York. Learn more at splinedata.com.

SOURCE Spline Data