BWIC data (or Bids Wanted in Competition data) plays a central role in how fixed income traders price and source illiquid securities. This critical market signal offers insight into investor demand and relative value, especially in opaque markets like CLO, ABS, and MBS.

In this guide, we’ll explain what BWIC data is, how it’s used, and how platforms like SOLVE transform raw BWICs into actionable intelligence for both buy- and sell-side firms.

BWIC Defined: What Does “Bids Wanted in Competition” Mean?

A BWIC is a type of auction used in the fixed income markets, especially for structured products. A holder of securities (usually a fund or institutional investor) distributes a list of bonds they want to sell and asks dealers to competitively bid on each item. The dealer who submits the best price typically wins the trade.

A BWIC will usually include:

• CUSIPs or deal identifiers

• Security descriptions

• Trade size

• Timing of the auction

• Sometimes price talk or reference pricing

Once submitted, dealers respond with their bids or pass through bids from their network of clients, creating a competitive and time-sensitive pricing process.

For more on how BWICs are viewed and analyzed in context, see our SOLVE + INTEX Integration page.

Why Is BWIC Data Important?

In opaque fixed income markets, BWIC data serves as a window into:

• Current liquidity and demand

• Relative value across tranches or similar deals

• Price discovery in thinly traded securities

• Market sentiment during volatile periods

Without BWIC data, traders would have to rely solely on limited TRACE prints and indicative quotes. BWICs provide live, observable market color often ahead of official trade reporting.

How Traders Use BWIC Data

BWIC data can help traders:

• Monitor upcoming and past auctions

• Benchmark pricing and yields across deals

• Identify bid/ask levels, covers, and talk

• Cross-reference dealer inventory

• Trigger alerts or matchers when a listed bond or comparable bond overlaps with a portfolio holding

With platforms like SOLVE Quotes, BWIC data is parsed in real time from thousands of messages per day and displayed alongside price/yield analytics, aggregate pricing, and dealer inventory.

What Types of Structured Products Are Typically Traded via BWIC?

BWICs are a key mechanism for trading illiquid, complex securities, especially in structured credit markets. Some of the most common asset types traded via BWIC include:

• Collateralized Loan Obligations (CLOs)
  – Both broadly syndicated and middle-market deals

• Asset-Backed Securities (ABS)
  – Auto, credit card, equipment lease, student loan, and consumer loan pools

• Commercial Mortgage-Backed Securities (CMBS)
  – Multi-borrower conduit deals, SASB, CRE CLO, Agency CMBS

• Residential Mortgage-Backed Securities (RMBS)
  – Legacy subprime, Alt-A, CRT, CMOs, Specified Pools

Because these securities often lack centralized exchange trading or real-time pricing, BWICs help buyers and sellers discover fair market value through competitive bids.

What Types of Firms Use BWICs the Most?

BWICs are used extensively across both the buy-side and sell-side, but usage varies by firm type, size, and geography:

• Buy-Side Firms
  – Asset Managers, Hedge Funds, Insurance Companies, and Pension Funds frequently use BWICs to acquire or offload positions in thinly traded structured products. Large institutional investors may run their own lists or participate in others.

• Sell-Side Dealers
  – Broker-dealers and trading desks use BWICs to source liquidity for clients, manage risk, and support portfolio rebalancing and internal transfers with real market color. Dealers often act as intermediaries or participants, pricing multiple bonds across lists daily.

• By Geography
  – BWIC activity is heaviest in North America, especially New York and Toronto, but it’s also widely used by London- and European-based firms trading U.S. structured credit.

• Firm Size
  – While global firms dominate volume, smaller and mid-sized firms increasingly rely on BWICs to gain pricing transparency and access deals not shown through bilateral channels.

How SOLVE Enhances BWIC Data

SOLVE transforms raw, unstructured BWIC messages into actionable insights using AI-driven parsing, analytics, and visualization tools.

Key enhancements include:

• Real-Time Alerts: Get notified when BWICs match your portfolio, watchlists, or axes.

• One-Click Scenario Analysis: Load BWIC pricing directly into your INTEX cashflow models.

• Historical BWIC Statistics: Volume, bond count, covers, and talk trends.

• Current Holders & Market Depth: Gauge interest and marketability before bidding.

• Excel + INTEX Add-Ins: View BWICs, inventory, and market color directly in your existing tools.

• Real-Time Feeds: Stream live BWIC data into internal systems and models

Learn more about how BWICs are integrated into SOLVE Quotes + INTEX.

Related Resources

• SOLVE Quotes Product Overview
• SOLVE Px Overview
• SOLVE + INTEX Integration

Further Reading

For a broader overview of BWICs and their role in fixed income markets, check out this SIFMA primer on Fixed Income & Electronic Trading.

Ready to Act on BWIC Intelligence?

If you’re looking to enhance your pricing accuracy and trade with confidence, SOLVE delivers the industry’s richest source of structured product data, including real-time BWICs, dealer inventory, and market color all on one screen.

Schedule a Demo to see how BWIC data can power your next trade.

About SOLVE

SOLVE is the leading market data platform provider for Fixed-Income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in New York, with offices across the globe, SOLVE is the definitive source for market pricing in Fixed-Income markets.