Tusk Liquid: Query the Public Credit Market
Tusk Liquid answers what is market from 15,000+ public credit agreements: benchmark terms, trace amendments, compare peers. Free for 10 queries a day.
What Is Market, Answered in Minutes
Every credit negotiation turns in a familiar way. The sponsor's counsel calls the EBITDA definition standard. The term sheet calls the MFN sunset customary. Someone on the other side of the table has to decide, in the room, whether that is true. Whoever knows holds the leverage, and for most of this industry's history nobody in the room knew anything firmer than an impression.
Getting past impressions meant real work: pull the comparable deals someone remembered, read them, call outside counsel for the larger market, and assemble a view over several days, and still execute on the deal. Tracing it back to actual agreement language, once someone challenged it, was a second project. Market knowledge was laborious to obtain, so most positions were defended with confidence instead.
The Public Credit Market, as a Database
Tusk Liquid is CredCore's market intelligence platform for public credit. It holds more than 15,000 public credit agreements, read by the Tusk - CredCore's Credit AI engine and broken down into the terms that actually get negotiated: covenants, definitions, baskets, pricing, amendments, protections. The becomes something queryable.
The questions go in plain language: whether a provision sits below, at, or above market; what the on-market and off-market versions of a term look like; how a covenant package holds up against lender protections in comparable deals; which peer deals belong in the comp set at all. Queries run across sponsors, sectors, issuers, vintages and amendment chains, and the answers come back in minutes.
The engine underneath powers the rest of CredCore: a credit-native knowledge graph trained on $5 trillion of real credit data. Every result carries a link to the exact agreement language behind it, so a conclusion can be checked rather than trusted.
Access liquid market using familiar tools.
Tusk Liquid runs at liquid.credcore.com. It also runs inside Claude and ChatGPT, and as Microsoft add-ins for Excel and Word.
Type "analyze all amendments for Hilton in the past seven years" into Claude and the analysis arrives in the same window, in a minute. Ask for a benchmarked tearsheet on Levi Strauss and it builds in Excel, in a spreadsheet that can go straight to an investment committee. Compare IBM's debt structure against its peers without leaving the document being drafted.
Leveraged finance desks check terms mid-negotiation. Private credit and CLO teams benchmark portfolios against the public market. DCM teams brief issuers on where the market actually sits this quarter. Legal teams settle the customary question with a citation instead of a recollection. The junior analyst and the managing director work from the same comp set.
CredCore covers all these use cases out of the box.
Your Market, and the Market
Tusk Liquid reads the public market. For the deals inside a firm's own walls, its sibling Tusk Private points the same engine at that firm's documents. Run together, the internal book and the public market answer in the same language, and a position can be tested against both before it is taken.
Ten Questions a Day, Free
Tusk Liquid is free for up to 10 queries a day, and sign-up is self-serve. Pick a deal and ask the question that was argued about last week.
The next time a term gets called standard, the clause that settles it is one question away.
Try Tusk Liquid free at liquid.credcore.com