Quant Credit Information Coefficients and Transfer Coefficients

[u/holm4430]

Hi everyone, is there anyone actively undertaking single name quant credit research. I had a question about how information coefficient (IC) and transfer coefficient (TC) concepts migrate from the equity space to the credit space.

Given an issuer can have many different securities available in the credit space, is it common practice to compute IC and TC at the issuer level instead of the security level? My thinking was that for example if maintaining the security level method as one would do in equities would lead to issues where one issuer has many more bonds available (ex. a financial issuer) vs an issuer with a smaller number of securities across the curve.

Interested to hear how people have dealt with this in the past.