Average daily notional volumes (ADNV) in US corporate bonds were up 13% year-on-year (YoY) and up 5% month-on-month (MoM) in May, reaching US$60 billion.
Investment grade (IG) bonds led the charge, with ADNV up 18% YoY, while high yield (HY) ADNV remained static.
“Tight spreads and low spread volatility have both reduced the urgency for portfolio managers to make adjustments and for traders to trade,” said Coalition Greenwich head of research Kevin McPartland and Neha Jain in a recent report.
Trade sizes across HY and IG rose by a combined 9% YoY to US$450k, representing an almost 3% MoM rise.
E-trading has hovered at 49% in IG for the past few months, falling a single percentage point YoY. In HY, e-trading’s 32% market share in May marks a two percentage point increase YoY and a one percentage point rise MoM.
©Markets Media Europe 2025
