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CDS analysis with the evidence in view

A credit story breaks.
What does it mean for your CDS?

Know where every position stands — before it happens, and the moment it does. Upload your documents; Mastermind tests the contract and shows the evidence behind every conclusion.

Built for CDS traders, credit analysts, risk teams and the lawyers who support them.

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Rite Aid Corporation · Bankruptcy · 15 Oct 2023

8.000% Senior Secured Notes due 2026

Likely eligible
Current assessment

8.000% Senior Secured Notes due 2026 pass all 7 checks, each tied to its clause in the indenture.

Record complete: every fact the checks need was found.

Checks · 7 of 7 pass

  • Reference entity
  • Specified currency
  • Maximum maturity
  • Not subordinated
  • Not bearer
  • Not contingent
  • Transferable

Real public case · Rite Aid Corporation’s SEC filingsOpen the full case →

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Credit events, worked through.

Real credit events, worked through: the entity, its instruments and documents, and the verified answer on deliverability.

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Why Mastermind

Know where you stand — before a credit story breaks, and the moment it does

  1. Quiet names

    • Be ready before the market moves

      Run the names you hold while they are quiet. When a story breaks, you start from an answer, not a reading list.

  2. Story breaks

    • Stay right as the story moves

      A notice lands, the DC rules. Add the document, re-run in minutes, and see exactly what changed.

  3. Decision

    • Take a position you can defend

      Every conclusion is tied to the clause and the sentence it rests on. Walk into the desk meeting with the proof attached.

See related cases for comparison. Related published cases, where one exists, are shown next to the result for comparison. They never decide it.

How it works

Three steps to knowing where your CDS stands

Try it on the example →

  1. Upload your case documents

    Indentures, loan agreements, notices, confirmations — everything you hold on the name. Add the entity, the event and the instruments.

  2. Mastermind tests the contract

    Each standard deliverability characteristic is checked against your documents (loan assignment and consent terms are flagged for review), and when the rules can’t settle it, a skeptic pass argues against the conclusion before you see it.

  3. Read the answer, with the proof

    One assessment per instrument, opened in the same five tabs every time, so a colleague can check it without re-reading the documents.

Real public case · Rite Aid Corporation’s SEC filings.

Evidence

Click any conclusion. See the clause.

Every step that rests on a clause is tied to the sentence in your documents it comes from; where no restricting clause exists, the result says so. Every statement is labelled as fact, contract language, interpretation or uncertainty. Never blended.

SourceIndenture dated July 27, 2020, 8.000% Senior Secured Notes due 2026DOC-3 · S556
(a) Global Securities. Securities initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the “Rule 144A Global Security”), Securities initially resold pursuant to Regulation S…

The text exactly as extracted from the filing. The highlight marks the words the test relied on.

Open this in the example →

Verdict

Likely eligible

8.000% Senior Secured Notes due 2026

Rite Aid Corporation · Bankruptcy · 15 Oct 2023

  1. 1

    ConclusionConclusion

    Likely eligible8.000% Senior Secured Notes due 2026

  2. 2

    ReasoningContract language

    Not bearer test — Pass

  3. 3

    EvidenceSource

    Form: Registered, read from the indenture

  4. 4

    Would change itUncertainty

    A later amendment changing seniority, currency, maturity, form or transferability, or a write-down feature not in the uploaded documents, would reverse this conclusion. Re-run with any supplement.

Real public case · Rite Aid Corporation’s SEC filings.

Your documents stay yours.

The documents behind a CDS position are confidential. What you upload is private by default, visible only to the people you choose, never published unless you publish it yourself, and never used to train anything. Documents are parsed on our own servers; for long documents, such as an indenture, only the sections that state the terms it checks are sent to our AI model provider, which does not train on them; short documents (under about 60,000 characters) are sent whole.

Read more here →
  • Private by default
  • Hosted in the EU
  • Never used for training
  • Deleted when you say

Also: Encrypted in transit and at rest · Never public unless you publish it · Parsed on our own servers.

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