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The bonded Nd-Fe-B market has experienced the fastest growth of any permanent magnet market. Rapid solidification is carried out by melt spinning, producing a highly stable and magnetically hard microstructure. This study focuses on a microstructural analysis of this melt spun ribbon using transmission and scanning electron microscopy (TEM and SEM), atom probe field ion microscopy (APFIM) and Auger electron spectroscopy (AES). The ribbons showed a uniform grain size and shape distribution through the thickness of the melt spun ribbon. Grain sizes ranged from 20 to 40 nm. AES showed neodymium enrichment on a fracture surface and corresponding iron and boron depletion suggesting that the eutectic (Nd-70)-(Fe-30) phase is present with a thickness of approximately 1 nm. Atom probe composition analysis of grain interiors gave results very close to the nominal composition and some preliminary evidence of a grain boundary phase.