gloomberb 0.17.6 → 0.18.1

package/src/plugins/builtin/cds/model.ts

@@ -5,6 +5,7 @@ import type { HeadlessPaneFreshness } from "../../../types/headless";
 import type { TickerRecord } from "../../../types/ticker";
 import { formatCompact } from "../../../utils/format";
 import { compareSortValues, type SortPreference } from "../../../utils/sort-values";
+import { formatMove } from "../credit-boards/model";
 
 export const CDS_PANE_ID = "cds";
 
@@ -51,8 +52,26 @@ export interface CdsIssuerSummary {
   /** The latest level of the issuer's 5Y line and its date, where it has one: what the list ranks by. */
   spread5yBp: number | null;
   spread5yDate: string | null;
+  /** That level's 1W and 1M moves in bp, through the roll, while the level is current. */
+  change1wBp: number | null;
+  change1mBp: number | null;
+  /** How the level is quoted: in bp, or past 2,000bp in points upfront. */
+  quote: CdsQuote;
+  /** Quoted upfront: the level in points on its running coupon, and its 1W and 1M moves in points. */
+  upfrontPts: number | null;
+  change1wPts: number | null;
+  change1mPts: number | null;
+  /** The running coupon of a name quoted upfront, bp. */
+  couponBp: number | null;
 }
 
+/**
+ * Past 2,000bp a name trades on points upfront over its running coupon, so the
+ * server quotes it that way (`58.2 pts`), as the index board quotes HY in price.
+ */
+type CdsQuote = "spread" | "upfront";
+export type CdsQuoteUnit = "bp" | "pts";
+
 /**
  * Legal-name noise the tape spells inconsistently: "Oracle Corporation",
  * "ORACLE CORPORATION", and "Oracle Cop" are one issuer. Only suffixes and
@@ -260,6 +279,9 @@ export function summarizeIssuers(trades: readonly CdsTrade[]): CdsIssuerSummary[
         latestSpreadBp: trade.spreadBp,
         spread5yBp: null,
         spread5yDate: null,
+        change1wBp: null,
+        change1mBp: null,
+        ...NO_UPFRONT,
       });
       if (trade.spreadBp != null) spreadAt.set(trade.issuerKey, trade.eventAt);
       continue;
@@ -275,8 +297,24 @@ export function summarizeIssuers(trades: readonly CdsTrade[]): CdsIssuerSummary[
   return [...byIssuer.values()];
 }
 
-/** The latest 5Y level and its date, by issuer key. */
-export type CdsSpreadLevels = ReadonlyMap<string, { spreadBp: number; date: string }>;
+interface CdsSpreadLevel {
+  spreadBp: number;
+  date: string;
+  change1wBp: number | null;
+  change1mBp: number | null;
+  quote: CdsQuote;
+  upfrontPts: number | null;
+  change1wPts: number | null;
+  change1mPts: number | null;
+  couponBp: number | null;
+}
+
+const NO_UPFRONT = { quote: "spread", upfrontPts: null, change1wPts: null, change1mPts: null, couponBp: null } as const;
+
+/** The latest 5Y level, its date, its 1W and 1M moves and how it is quoted, by issuer key. */
+export type CdsSpreadLevels = ReadonlyMap<string, CdsSpreadLevel>;
+
+const finiteOrNull = (value: unknown): number | null => (typeof value === "number" && Number.isFinite(value) ? value : null);
 
 /**
  * The backend's levels under the key the list groups issuers by, so every
@@ -285,7 +323,7 @@ export type CdsSpreadLevels = ReadonlyMap<string, { spreadBp: number; date: stri
  * list would show keeps it. Malformed entries are left out.
  */
 export function spreadLevelsOf(levels: readonly CloudCdsLevelPayload[]): CdsSpreadLevels {
-  const byKey = new Map<string, { issuer: string; spreadBp: number; date: string }>();
+  const byKey = new Map<string, { issuer: string; level: CdsSpreadLevel }>();
   for (const level of levels) {
     if (typeof level.issuer !== "string" || !/^\d{4}-\d{2}-\d{2}$/.test(level.date) || !Number.isFinite(level.spreadBp)) continue;
     const issuer = displayIssuerName(level.issuer);
@@ -293,17 +331,36 @@ export function spreadLevelsOf(levels: readonly CloudCdsLevelPayload[]): CdsSpre
     const key = issuerGroupKey(issuer);
     const current = byKey.get(key);
     if (current && preferredIssuerName(current.issuer, issuer) === current.issuer) continue;
-    byKey.set(key, { issuer, spreadBp: level.spreadBp, date: level.date });
+    const upfrontPts = finiteOrNull(level.upfrontPts);
+    byKey.set(key, {
+      issuer,
+      level: {
+        spreadBp: level.spreadBp,
+        date: level.date,
+        change1wBp: finiteOrNull(level.change1W),
+        change1mBp: finiteOrNull(level.change1M),
+        // A server before points upfront, or a level it could not convert, stays in bp.
+        ...(level.quote === "upfront" && upfrontPts != null ? {
+          quote: "upfront",
+          upfrontPts,
+          change1wPts: finiteOrNull(level.change1WPts),
+          change1mPts: finiteOrNull(level.change1MPts),
+          couponBp: finiteOrNull(level.couponBp),
+        } : NO_UPFRONT),
+      },
+    });
   }
-  return new Map([...byKey].map(([key, { spreadBp, date }]) => [key, { spreadBp, date }]));
+  return new Map([...byKey].map(([key, { level }]) => [key, level]));
 }
 
-/** Each issuer with the latest level of its 5Y line, where it has one, so the list ranks by it. */
+/** Each issuer with the latest level of its 5Y line and its moves, where it has one, so the list ranks by them. */
 export function withSpreadLevels(rows: readonly CdsIssuerSummary[], levels: CdsSpreadLevels | null): CdsIssuerSummary[] {
   if (!levels?.size) return [...rows];
   return rows.map((row) => {
     const level = levels.get(row.key);
-    return level ? { ...row, spread5yBp: level.spreadBp, spread5yDate: level.date } : row;
+    if (!level) return row;
+    const { spreadBp, date, ...moves } = level;
+    return { ...row, spread5yBp: spreadBp, spread5yDate: date, ...moves };
   });
 }
 
@@ -406,6 +463,41 @@ export function formatBp(value: number | null): string {
   return `${Math.abs(value) >= 100 ? Math.round(value) : Math.round(value * 10) / 10}bp`;
 }
 
+/** Points upfront to a tenth: `58.2 pts`. */
+export function formatPoints(value: number | null): string {
+  if (value == null || !Number.isFinite(value)) return "--";
+  return `${value.toFixed(1)} pts`;
+}
+
+/** A move in points upfront, signed as the bp moves are: `+10.9 pts`. */
+export function formatPointsMove(value: number | null): string {
+  if (value == null || !Number.isFinite(value)) return "--";
+  const rounded = Number(value.toFixed(1));
+  return `${rounded > 0 ? "+" : ""}${(rounded === 0 ? 0 : rounded).toFixed(1)} pts`;
+}
+
+/** A level in the unit it is quoted in. */
+export function formatQuoted(unit: CdsQuoteUnit, value: number | null): string {
+  return unit === "pts" ? formatPoints(value) : formatBp(value);
+}
+
+/** A 1W or 1M move in the unit its level is quoted in. */
+export function formatQuotedMove(unit: CdsQuoteUnit, value: number | null): string {
+  return unit === "pts" ? formatPointsMove(value) : formatSpreadMove(value);
+}
+
+/** A listed issuer's level and moves as quoted: bp, or points upfront for a name quoted upfront. */
+export function quotedLevel(row: CdsIssuerSummary): {
+  unit: CdsQuoteUnit;
+  level: number | null;
+  change1w: number | null;
+  change1m: number | null;
+} {
+  return row.quote === "upfront"
+    ? { unit: "pts", level: row.upfrontPts, change1w: row.change1wPts, change1m: row.change1mPts }
+    : { unit: "bp", level: row.spread5yBp, change1w: row.change1wBp, change1m: row.change1mBp };
+}
+
 export function formatNotional(trade: Pick<CdsTrade, "notional" | "notionalCapped">): string {
   if (trade.notional == null) return "--";
   return `${formatCompact(trade.notional)}${trade.notionalCapped ? "+" : ""}`;
@@ -440,21 +532,40 @@ export function formatMaturity(maturity: string | null): string {
   return maturity ?? "--";
 }
 
-export type IssuerColumnId = "issuer" | "trades" | "last" | "spread";
+export type IssuerColumnId = "issuer" | "trades" | "last" | "spread" | "1w" | "1m";
 export type IssuerColumn = DataTableColumn & { id: IssuerColumnId };
 export type IssuerSortPreference = SortPreference<IssuerColumnId>;
 
-export const ISSUER_SORT_COLUMN_IDS: readonly IssuerColumnId[] = ["issuer", "trades", "last", "spread"];
+export const ISSUER_SORT_COLUMN_IDS: readonly IssuerColumnId[] = ["issuer", "trades", "last", "spread", "1w", "1m"];
 /** "Most active" is the reason the market-wide view exists. */
 export const DEFAULT_ISSUER_SORT: IssuerSortPreference = { columnId: "trades", direction: "desc" };
 
-/** The issuer takes the room the figures leave; the table lays it out. */
+/**
+ * What `fn CDS --sort` ranks the list by, each largest first: the most
+ * active, the widest, the widest move. By level or move, the names quoted in
+ * bp come first, then those quoted in points, then those without one.
+ */
+export const ISSUER_LIST_SORTS = ["trades", "spread", "1w", "1m"] as const;
+
+/** The list's order for a `--sort` value; an unknown one keeps the default. */
+export function issuerListSort(value: unknown): IssuerSortPreference {
+  return (ISSUER_LIST_SORTS as readonly unknown[]).includes(value)
+    ? { columnId: value as (typeof ISSUER_LIST_SORTS)[number], direction: "desc" }
+    : DEFAULT_ISSUER_SORT;
+}
+
+/**
+ * The issuer takes the room the figures leave; the level and its moves sit as
+ * the index board's do, under `5Y` since a name can be quoted in points.
+ */
 export function buildIssuerColumns(): IssuerColumn[] {
   return [
     { id: "issuer", label: "ISSUER", width: 16, align: "left", flexGrow: 1 },
     { id: "trades", label: "TRADES", width: 7, align: "right" },
     { id: "last", label: "LAST UTC", width: 16, align: "left" },
-    { id: "spread", label: "5Y SPREAD", width: 10, align: "right" },
+    { id: "spread", label: "5Y", width: 10, align: "right" },
+    { id: "1w", label: "1W", width: 10, align: "right" },
+    { id: "1m", label: "1M", width: 10, align: "right" },
   ];
 }
 
@@ -467,10 +578,21 @@ function issuerSortValue(columnId: IssuerColumnId, row: CdsIssuerSummary): strin
     case "last":
       return row.lastTradeAt;
     case "spread":
-      return row.spread5yBp;
+      return quotedLevel(row).level;
+    case "1w":
+      return quotedLevel(row).change1w;
+    case "1m":
+      return quotedLevel(row).change1m;
   }
 }
 
+/** By level or move: bp first, then points (another unit), then none, whichever way the column sorts. */
+function quoteGroup(columnId: IssuerColumnId, row: CdsIssuerSummary): number {
+  if (columnId !== "spread" && columnId !== "1w" && columnId !== "1m") return 0;
+  if (issuerSortValue(columnId, row) == null) return 2;
+  return row.quote === "upfront" ? 1 : 0;
+}
+
 export function sortIssuers(
   rows: readonly CdsIssuerSummary[],
   sort: IssuerSortPreference,
@@ -478,7 +600,7 @@ export function sortIssuers(
   const columnId = sort.columnId;
   if (!columnId) return [...rows];
   return [...rows].sort((left, right) => {
-    const compared = compareSortValues(
+    const compared = quoteGroup(columnId, left) - quoteGroup(columnId, right) || compareSortValues(
       issuerSortValue(columnId, left),
       issuerSortValue(columnId, right),
       sort.direction,
@@ -552,7 +674,8 @@ const DAY_MS = 86_400_000;
 /** Three weeks without a level breaks the line instead of drawing one nobody traded. */
 const CHART_GAP_MS = 21 * DAY_MS;
 
-export function spreadChartPoints(points: readonly CloudCdsHistoryPointPayload[]): TimeSeriesPoint[] {
+/** The line's daily levels in the unit it is quoted in, dated at UTC midnight, with a break across a long gap. */
+export function spreadChartPoints(points: readonly CdsQuotedPoint[]): TimeSeriesPoint[] {
   const out: TimeSeriesPoint[] = [];
   let previous: number | null = null;
   for (const point of points) {
@@ -563,76 +686,129 @@ export function spreadChartPoints(points: readonly CloudCdsHistoryPointPayload[]
       out.push({ date: gap, observedAt: gap, value: null });
     }
     const date = new Date(time);
-    out.push({ date, observedAt: date, value: point.spreadBp });
+    out.push({ date, observedAt: date, value: point.value });
     previous = time;
   }
   return out;
 }
 
-/** The 1M move as the pane shows it: whole basis points, signed. */
-export function formatSpreadChange(value: number): string {
-  const rounded = Math.round(value);
-  return `${rounded > 0 ? "+" : ""}${rounded}bp`;
+/** A 1W or 1M move as the index board shows one: `+36.7bp`, `--` without one. */
+export function formatSpreadMove(value: number | null): string {
+  return formatMove("spread", value);
+}
+
+/** An issuer's 5Y line as the server sends it: the daily levels, the latest one's moves and how it is quoted. */
+export interface CdsSpreadLine {
+  points: readonly CloudCdsHistoryPointPayload[];
+  /** bp, on one contract and chained through the contract before across a roll; null unless the level is current. */
+  change1W: number | null;
+  change1M: number | null;
+  quote: CdsQuote;
+  /** Quoted upfront: the running coupon, the latest level in points and its moves in points. */
+  couponBp: number | null;
+  upfrontPts: number | null;
+  change1WPts: number | null;
+  change1MPts: number | null;
+}
+
+export interface CdsQuotedPoint {
+  date: string;
+  value: number;
 }
 
-function dayTime(date: string): number {
-  return Date.parse(`${date}T00:00:00Z`);
+/** Each day's level as the line is quoted: bp, or points upfront, leaving out a day the server could not convert. */
+export function quotedPoints(line: CdsSpreadLine): CdsQuotedPoint[] {
+  return line.quote === "upfront"
+    ? line.points.flatMap((point) => (
+      typeof point.upfrontPts === "number" && Number.isFinite(point.upfrontPts) ? [{ date: point.date, value: point.upfrontPts }] : []
+    ))
+    : line.points.map((point) => ({ date: point.date, value: point.spreadBp }));
 }
 
 /** The figures of an issuer's 5Y line, the ones the pane heads its chart with and a report carries. */
 export interface CdsSpreadSummary {
-  /** The latest level, bp, and the New York trade date it is from. */
-  spreadBp: number;
+  unit: CdsQuoteUnit;
+  /** The latest level in that unit, and the New York trade date it is from. */
+  level: number;
   date: string;
-  /** The move over a month on the same contract; null across a roll or a gap. */
-  change1mBp: number | null;
-  /** Lowest and highest level since the first date charted; null with a single level. */
-  range: { lowBp: number; highBp: number; since: string } | null;
+  /** The same level in bp. */
+  spreadBp: number;
+  /** The running coupon of a name quoted upfront, bp. */
+  couponBp: number | null;
+  /** Its moves over a week and a month in that unit, through the roll; null unless the level is current. */
+  change1w: number | null;
+  change1m: number | null;
+  /** Lowest and highest level in that unit since the first date charted; null with a single level. */
+  range: { low: number; high: number; since: string } | null;
 }
 
 /**
- * The latest level, its move over a month, and the range of what the chart
- * shows. The month compares against the last level 30 to 45 days older on the
- * same contract, so neither a gap nor a roll to the next contract, which
- * trades wider, passes for a move.
+ * The latest level, its 1W and 1M moves, and the range of what the chart
+ * shows. The moves are the server's, by the index board's rule: on one
+ * contract, and across the March and September rolls chained through the
+ * contract before, which keeps trading off the run, so the roll to a contract
+ * that trades wider is not a move. They are left out once the level is more
+ * than 5 trading days behind the tape. Past 2,000bp all of it is in points
+ * upfront.
  */
-export function spreadSummary(points: readonly CloudCdsHistoryPointPayload[]): CdsSpreadSummary | null {
-  const latest = points.at(-1);
+export function spreadSummary(line: CdsSpreadLine): CdsSpreadSummary | null {
+  const latest = line.points.at(-1);
   if (!latest) return null;
-  const latestTime = dayTime(latest.date);
-  const monthAgo = points.findLast((point) => {
-    if (point.maturity !== latest.maturity) return false;
-    const age = latestTime - dayTime(point.date);
-    return age >= 30 * DAY_MS && age <= 45 * DAY_MS;
-  });
-  const levels = points.map((point) => point.spreadBp);
+  const upfront = line.quote === "upfront" && line.upfrontPts != null;
+  const quoted = upfront ? quotedPoints(line) : line.points.map((point) => ({ date: point.date, value: point.spreadBp }));
+  const values = quoted.map((point) => point.value);
   return {
-    spreadBp: latest.spreadBp,
+    unit: upfront ? "pts" : "bp",
+    level: upfront ? line.upfrontPts! : latest.spreadBp,
     date: latest.date,
-    // A tenth of a basis point is the line's own precision; the rest is float noise.
-    change1mBp: monthAgo ? Math.round((latest.spreadBp - monthAgo.spreadBp) * 10) / 10 : null,
-    range: points.length >= 2
-      ? { lowBp: Math.min(...levels), highBp: Math.max(...levels), since: points[0]!.date }
+    spreadBp: latest.spreadBp,
+    couponBp: upfront ? line.couponBp : null,
+    change1w: upfront ? line.change1WPts : line.change1W,
+    change1m: upfront ? line.change1MPts : line.change1M,
+    range: quoted.length >= 2
+      ? { low: Math.min(...values), high: Math.max(...values), since: quoted[0]!.date }
       : null,
   };
 }
 
-/** `129 to 276bp`: the low keeps the level's precision, so the level never falls outside it. */
-export function formatSpreadRange(range: NonNullable<CdsSpreadSummary["range"]>): string {
-  return `${formatBp(range.lowBp).slice(0, -2)} to ${formatBp(range.highBp)}`;
+export type CdsNoLevelReason = "upfront-side-unknown";
+
+/**
+ * Why the view has no current 5Y level, in one line, when the server knows:
+ * after the last level there is, or at all.
+ */
+export function noLevelMessage(reason: CdsNoLevelReason | null, lastLevel: string | null): string | null {
+  if (reason !== "upfront-side-unknown") return null;
+  return `5Y level not derivable${lastLevel ? ` after ${lastLevel}` : ""}: DTCC prints carry upfront without payer side`;
+}
+
+/** `129 to 276bp`, or `20.1 to 60.3 pts`: the low keeps the level's precision, so the level never falls outside it. */
+export function formatSpreadRange(unit: CdsQuoteUnit, range: NonNullable<CdsSpreadSummary["range"]>): string {
+  return unit === "pts"
+    ? `${range.low.toFixed(1)} to ${formatPoints(range.high)}`
+    : `${formatBp(range.low).slice(0, -2)} to ${formatBp(range.high)}`;
 }
 
 /** The pane's figures over its 5Y chart, from `spreadSummary`. */
-export function spreadFigures(points: readonly CloudCdsHistoryPointPayload[]): StatItem[] {
-  const summary = spreadSummary(points);
+export function spreadFigures(line: CdsSpreadLine): StatItem[] {
+  const summary = spreadSummary(line);
   if (!summary) return [];
+  const { unit } = summary;
   return [
-    { id: "spread", label: "5Y spread", value: formatBp(summary.spreadBp), detail: summary.date },
-    ...(summary.change1mBp != null ? [{ id: "change", label: "1M", value: formatSpreadChange(summary.change1mBp) }] : []),
+    unit === "pts"
+      ? {
+        id: "spread",
+        label: "5Y upfront",
+        value: formatPoints(summary.level),
+        detail: summary.couponBp == null ? summary.date : `${summary.date} · ${formatBp(summary.couponBp)} coupon`,
+      }
+      : { id: "spread", label: "5Y spread", value: formatBp(summary.level), detail: summary.date },
+    ...(summary.change1w != null ? [{ id: "1w", label: "1W", value: formatQuotedMove(unit, summary.change1w) }] : []),
+    ...(summary.change1m != null ? [{ id: "1m", label: "1M", value: formatQuotedMove(unit, summary.change1m) }] : []),
     ...(summary.range ? [{
       id: "range",
       label: "Range",
-      value: formatSpreadRange(summary.range),
+      value: formatSpreadRange(unit, summary.range),
       detail: `since ${summary.range.since}`,
     }] : []),
   ];

package/src/plugins/builtin/cds/pane.tsx

@@ -3,7 +3,7 @@ import {
   ChartTableHeader,
   DataTableStackView,
   DataTableView,
-  EmptyState, formatBpAxis, PaneStatusBody, staticSeries,
+  EmptyState, formatBpAxis, PaneStatusBody, spanAxisFormatter, staticSeries,
   useChartTableSelection,
   usePaneMenuItems,
   usePaneNoticeFooter,
@@ -13,7 +13,9 @@ import {
   type StatItem
 } from "../../../components";
 import type { CloudCdsHistoryPointPayload } from "../../../api-client";
+import { signedMoveColor } from "../../../components/market-board";
 import { useAsyncResource } from "../../../react/async-resource";
+import { usePaneSettingValue } from "../../../public/react";
 import { colors } from "../../../theme/colors";
 import type { PaneProps } from "../../../types/plugin";
 import { TextAttributes } from "../../../ui";
@@ -30,6 +32,7 @@ import {
   loadCdsSpreadHistory,
   loadCdsSpreadLevels,
   type CdsActivityLoader,
+  type CdsSpreadHistory,
   type CdsSpreadHistoryLoader,
   type CdsSpreadLevelsLoader,
 } from "./client";
@@ -45,18 +48,25 @@ import {
   formatEventTime,
   formatMaturity,
   formatNotional,
+  formatQuoted,
+  formatQuotedMove,
   formatUpfront,
+  issuerListSort,
   lastTradeOf,
+  noLevelMessage,
   noTradesMessage,
   resolveIssuerQuery,
   sortIssuers,
   sortTrades,
+  quotedLevel,
+  quotedPoints,
   spreadChartPoints,
   spreadFigures,
   summarizeIssuers,
   tradesForIssuer,
   withSpreadLevels,
   type CdsIssuerSummary,
+  type CdsQuoteUnit,
   type CdsTrade,
   type IssuerColumn,
   type IssuerColumnId,
@@ -82,14 +92,26 @@ function renderIssuerCell(
       return { text: String(row.trades), color: colors.text };
     case "last":
       return { text: formatEventTime(row.lastTradeAt), color: colors.textMuted };
-    case "spread":
-      return {
-        text: formatBp(row.spread5yBp),
-        color: row.spread5yBp == null ? colors.textDim : colors.text,
-      };
+    case "spread": {
+      const { unit, level } = quotedLevel(row);
+      return { text: formatQuoted(unit, level), color: level == null ? colors.textDim : colors.text };
+    }
+    case "1w":
+      return moveCell(quotedLevel(row).unit, quotedLevel(row).change1w);
+    case "1m":
+      return moveCell(quotedLevel(row).unit, quotedLevel(row).change1m);
   }
 }
 
+/**
+ * A 1W or 1M move as the index board draws one: wider (more points upfront)
+ * is adverse, and a move that prints as 0.0 is not coloured.
+ */
+function moveCell(unit: CdsQuoteUnit, value: number | null): DataTableCell {
+  const shown = value == null ? null : Number(value.toFixed(1));
+  return { text: formatQuotedMove(unit, value), color: signedMoveColor(shown, "up", colors) };
+}
+
 // Table-shaped adapters live at module level so memoized rows keep their
 // identity between pane renders.
 const issuerKey = (row: CdsIssuerSummary) => row.key;
@@ -183,9 +205,24 @@ function CdsTradeTable({
   );
 }
 
+/** Points upfront on the chart's axis: `58pts`, `57.6pts`. */
+const formatPointsAxis = spanAxisFormatter((value, digits) => `${value.toFixed(digits)}pts`);
+
 const NO_TRADES: CdsTrade[] = [];
 const NO_ISSUERS: CdsIssuerSummary[] = [];
 const NO_POINTS: CloudCdsHistoryPointPayload[] = [];
+const NO_LINE: CdsSpreadHistory = {
+  issuer: null,
+  points: NO_POINTS,
+  change1W: null,
+  change1M: null,
+  quote: "spread",
+  couponBp: null,
+  upfrontPts: null,
+  change1WPts: null,
+  change1MPts: null,
+  noLevelReason: null,
+};
 /**
  * The 5Y line has one point per New York trade date, dated at UTC midnight, so
  * a trade's cursor is its New York day, not its time: an afternoon print would
@@ -196,12 +233,13 @@ const tradeDate = (trade: CdsTrade) =>
 
 /**
  * The issuer's figures, then its 5Y line over the trades, sized by the chart
- * table layout. The selected trade is the chart's cursor.
+ * table layout. The selected trade is the chart's cursor. A name without a
+ * level says why in the chart's band, when the server can say.
  */
-function IssuerHeader({ issuer, points, trades, width, height, focused, loading, selectedId, onSelect }: {
+function IssuerHeader({ issuer, line, trades, width, height, focused, loading, selectedId, onSelect }: {
   /** Left out in the stack detail, whose title already names the issuer. */
   issuer?: string;
-  points: readonly CloudCdsHistoryPointPayload[];
+  line: CdsSpreadHistory;
   trades: readonly CdsTrade[];
   width: number;
   height: number;
@@ -210,20 +248,27 @@ function IssuerHeader({ issuer, points, trades, width, height, focused, loading,
   selectedId: string | null;
   onSelect: (id: string) => void;
 }) {
-  // The level, then whose spread it is: in a short pane the figures at the end
-  // give way. While the history loads the level holds its place, so the trades
-  // do not move when it lands.
-  const [level, ...rest] = loading && !points.length
+  // The level and its moves, as the index board heads its detail, then whose
+  // spread it is and the range: in a short pane the figures at the end give
+  // way. While the history loads the level holds its place, so the trades do
+  // not move when it lands.
+  const { points } = line;
+  // A name quoted upfront charts in points, as its figures read.
+  const unit: CdsQuoteUnit = line.quote === "upfront" && line.upfrontPts != null ? "pts" : "bp";
+  const charted = useMemo(() => unit === "pts" ? quotedPoints(line) : points.map((point) => ({ date: point.date, value: point.spreadBp })), [line, points, unit]);
+  const shown = loading && !points.length
     ? [{ id: "spread", label: "5Y spread", value: "--" }]
-    : spreadFigures(points);
+    : spreadFigures(line);
+  const why = !points.length ? noLevelMessage(line.noLevelReason, null) : null;
+  const moves = shown.filter((item) => item.id === "spread" || item.id === "1w" || item.id === "1m");
   const figures: StatItem[] = [
-    ...(level ? [level] : []),
+    ...moves,
     ...(issuer ? [{ id: "issuer", label: "Issuer", value: issuer }] : []),
-    ...rest,
+    ...shown.filter((item) => !moves.includes(item)),
   ];
-  const series = useMemo(() => [staticSeries(spreadChartPoints(points), {
-    id: "cds-5y", label: "5Y spread", color: colors.positive, calendarSpaced: true,
-  })], [points]);
+  const series = useMemo(() => [staticSeries(spreadChartPoints(charted), {
+    id: "cds-5y", label: unit === "pts" ? "5Y upfront" : "5Y spread", color: colors.positive, calendarSpaced: true,
+  })], [charted, unit]);
   const link = useChartTableSelection({
     rows: trades, getId: tradeKey, getDate: tradeDate,
     selectedId: selectedId && trades.some((trade) => trade.id === selectedId) ? selectedId : trades[0]?.id ?? null,
@@ -232,8 +277,12 @@ function IssuerHeader({ issuer, points, trades, width, height, focused, loading,
   return (
     <ChartTableHeader width={width} height={height} tableRows={trades.length} figures={figures}
       tableColumns={buildTradeColumns(width)}
-      chart={points.length >= 2 || loading ? {
-        series, formatValue: formatBp, formatAxisValue: formatBpAxis, remoteKind: "cds-spread-history", loading, ...link,
+      chart={points.length >= 2 || loading || why ? {
+        series,
+        formatValue: (value: number) => formatQuoted(unit, value),
+        formatAxisValue: unit === "pts" ? formatPointsAxis : formatBpAxis,
+        remoteKind: "cds-spread-history", loading, ...link,
+        ...(why ? { empty: why } : {}),
       } : null} />
   );
 }
@@ -268,7 +317,10 @@ export function CdsPane({
   const { symbol, ticker } = usePaneTickerIdentity();
   const issuerQuery = useMemo(() => resolveIssuerQuery(symbol, ticker), [symbol, ticker]);
 
-  const [issuerSort, setIssuerSort] = useState<IssuerSortPreference>(DEFAULT_ISSUER_SORT);
+  // `CDS --sort 1m` (and its shot) opens the list on that order; the headers re-sort it from there, and a reload keeps theirs.
+  const [openingSort] = usePaneSettingValue<string>("sort", "trades");
+  const openingIssuerSort = useMemo(() => issuerListSort(openingSort), [openingSort]);
+  const [issuerSort, setIssuerSort] = usePluginPaneState<IssuerSortPreference>("issuerSort", openingIssuerSort);
   const [tradeSort, setTradeSort] = useState<TradeSortPreference>(DEFAULT_TRADE_SORT);
   // Selection and the open issuer live in pane state so a reload or a shared
   // layout comes back to the same row.
@@ -311,16 +363,20 @@ export function CdsPane({
   const historyRequest = useCallback(() => loadHistoryRef.current(historyIssuer!), [historyIssuer]);
   const history = useAsyncResource(historyIssuer ? historyRequest : null);
   useAutoRefresh(history.updatedAt, history.load);
-  const spreadPoints = history.data?.points ?? NO_POINTS;
+  const spreadLine = history.data ?? NO_LINE;
+  const spreadPoints = spreadLine.points;
   // The band holds its rows while the first history loads, so the trades do not jump.
   const historyLoading = !!historyIssuer && history.loading && !history.data;
   const lineMaturity = spreadPoints.at(-1)?.maturity ?? null;
+  // A level older than the prints after it says why those prints set none; with no level at all the chart band says it.
+  const staleLevel = spreadPoints.length ? noLevelMessage(spreadLine.noLevelReason, spreadPoints.at(-1)!.date) : null;
   // Without it a failed request reads as a name with no 5Y line.
   usePaneNoticeFooter({
     registrationId: `${paneId}:cds-history`,
     focused,
     notices: [
       ...(historyIssuer && history.error && !history.data ? ["5Y spread history unavailable."] : []),
+      ...(historyIssuer && staleLevel ? [`${staleLevel}.`] : []),
       ...(summaries.length && levels.error && !levels.data ? ["5Y spreads unavailable."] : []),
     ],
   });
@@ -412,7 +468,7 @@ export function CdsPane({
     // issuer name the backend was actually queried for, which is the expanded
     // company name once instrument search has resolved a bare symbol.
     const header = (
-      <IssuerHeader issuer={activity.issuer ?? issuerQuery} points={spreadPoints} trades={visibleTrades}
+      <IssuerHeader issuer={activity.issuer ?? issuerQuery} line={spreadLine} trades={visibleTrades}
         width={width} height={height} focused={focused} loading={historyLoading}
         selectedId={selectedTradeId} onSelect={setSelectedTradeId} />
     );
@@ -446,8 +502,8 @@ export function CdsPane({
           trades={visibleTrades}
           focused={focused && detailOpen}
           width={width}
-          before={spreadPoints.length || historyLoading ? (
-            <IssuerHeader points={spreadPoints} trades={visibleTrades} width={width}
+          before={spreadPoints.length || historyLoading || spreadLine.noLevelReason ? (
+            <IssuerHeader line={spreadLine} trades={visibleTrades} width={width}
               height={Math.max(0, height - 1)} focused={focused && detailOpen} loading={historyLoading}
               selectedId={selectedTradeId} onSelect={setSelectedTradeId} />
           ) : undefined}

package/src/plugins/builtin/central-bank-rates/headless.ts

@@ -21,7 +21,7 @@ export const centralBankRatesHeadless: HeadlessPaneDefinition<"bundle"> = {
     limitations: ["Published policy observations with individual dates.", "Policy instruments differ.",
       "Next meetings come from each bank's published calendar; SAMA publishes none, and China's date is the monthly LPR fixing."] },
   shape: "bundle",
-  options: [{ key: "history", type: "boolean", defaultValue: false, description: "Add each row's one-year daily history to the JSON metadata." }],
+  options: [{ key: "history", shot: { reportOnly: "adds each row's one-year history to the JSON report" }, type: "boolean", defaultValue: false, description: "Add each row's one-year daily history to the JSON metadata." }],
   argument: { kind: "none" }, describe: "Policy rates of the G20, SNB, Norges Bank, Riksbank and RBNZ",
   // Each row is dated apart (BIS reports weekly, some banks weeks late), so exports cite the oldest as well.
   freshness: { source: "BIS and FRED", publisher: "each row's central_bank, via BIS and FRED", status: "not-a-feed",