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‘BoB’ – Barnes on Bonds

SECONDARY MARKETS
EM traders ride out the chaos
It would be understandable if trading in emerging markets (EM) debt were becoming more expensive as risk increased in many markets it makes up, as a consequence of the US tariff policy.
Different geographies within...
Do Europe’s credit trading costs invert the pattern for US debt trades?
An analysis of average bid-ask spreads in corporate bond markets across the European and US markets suggests that median bid ask spreads responses are inverted against average trade sizes in European markets, relative to...
PRIMARY MARKETS
Second quarter issuance recovers after soft April and May
Morgan Stanley has reported that June issuance increased 13% year-on-year (YoY) following a 34% drop in April and 3% decline in May.
“Strong June issuance will lead to a better quarter than investors expected after...
US bond deals fragment as EMEA consolidates
The latest breakdown of debt capital market (DCM) issuance by Dealogic has found that deal numbers in the US have declined slightly year-to-date versus the same period in 2024, while net deal value has...