# Block 032 — Credit OAS mechanics

**Status:** ○ queued
**Phase:** Phase 1 (Credit)

## Topic scope

Option-Adjusted Spread calculation. Z-spread vs OAS. New issue concession. Index vs single-name liquidity.

## Plan

_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_