US credit issuance was at its highest level since May 2020 at the start of September, pushing average daily notional volumes up 4% year-on-year (YoY) to US$56 billion. Average daily trade sizes rose 7% to US$411 thousand.
Activity peaked on 30 September with US$89 billion traded. This marked the busiest ever trading day for US corporate bonds, according to Coalition Greenwich.
E-trading in investment grade (IG) credit was down two percentage points YoY to 48%, and up one percentage point to 32% in high yield (HY).
Portfolio trading took 9.8% of IG volumes and 11.6% of HY. Nearly half (49%) of all portfolio trading was executed through Tradeweb.
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