While there are a variety of widely-accepted metrics for defining and capturing the value factor in equities, there has not been nearly such a widely-accepted approach for capturing the value effect in fixed income. In this paper we demonstrate our first analysis of value in fixed income and outline our approach to it by utilizing a model-implied OAS framework to identify under- and over-valued securities. We use the US investment-grade corporate bond market to showcase the steps of our study, and simulate results across various global corporate bond markets. This paper is the first in our FTSE Fixed Income Factor Series, with discussions including carry, quality, momentum and volatility to follow.