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‘BoB’ – Barnes on Bonds
SECONDARY MARKETS
Data shows electronic trading has delivered resilience to US markets
The latest data from MarketAxess’s TraX data tool, which follows activity across multiple marketplaces, and its CP+ pricing tool, show that US markets, particularly US investment grade, are reaping the benefits of a deeply...
IG and HY trade size trending back to pre-consolidated tape patterns
After converging sharply in January, average trade size in euro investment grade (IG) and high yield (HY) has begun to separate again, while bid-ask spreads in both sectors have widened through March.
The new disclosure...
PRIMARY MARKETS
The broad-based return of risk appetite
Across almost every market spreads tightened over the past last week, looking at Morgan Stanley data, reflecting an apparently synchronised shift in investor sentiment.
When spreads tighten and interest rates rally simultaneously, total returns become...
Primary markets: Bonds hold up as syndicated loans markets lose momentum
Bond primary markets outperformed syndicated loans in the first quarter, with Dealogic rankings showing debt capital markets volumes rising across most major regions even as loan issuance fell sharply outside the Americas.
US-marketed debt capital...
