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‘BoB’ – Barnes on Bonds

SECONDARY MARKETS
Analysing the split between US and EU investment grade trade sizes
Recent reports that high yield (HY) trades are increasing in size and investment grade (IG) are shrinking, have ignored the year-on-year growth of European investment grade trade sizes; in fact it is US IG...
Summer heat subdues European activity
Activity in both European high yield (HY) and investment grade (IG) declined in the last week of July, with trade volumes falling to yearly lows in both asset classes.
According to TraX data from MarketAxess,...
PRIMARY MARKETS
European debt is standing up for primary markets
Global debt capital market (DCM) deal count year-to-date is down 5% year on year, according to Dealogic data. However, the local market pictures present a more nuanced view, and Europe is the clear source...
American primary debt markets keep humming
Dealogic data show US debt capital market (DCM) issuance is little changed year on year (YoY) in aggregate: 2025 year-to-date (YtD) totals US$1.97 trillion in proceeds (-3.4% YoY) across 6,465 deals (-1.8% YoY).
Sector trends...