Price volatility in credit
We saw a big drop in average bid-ask spreads (>7%) for US investment grade (IG) last week, possibly a response to the massive levels...
Issuance in double figure growth everywhere (ex-Japan!)
The debt markets have been booming globally in the first half of 2024, according to Dealogic data, with Middle East and Africa seeing issuance...
Research: ETFs worsen fixed income liquidity in a crisis
An academic paper has argued that fixed income exchange traded funds (ETFs) “improve bond liquidity in general, but worsen it in periods of large...
Insights and Analysis: Citadel Securities challenges primary market conflicts
A year ago, rumours in the bond markets suggested that Citadel Securities might be planning a move into bond issuance, a move which buy-side...
The liquidity gap between 144A and Reg S bonds
144A and Regulation S (Reg S) securities have distinct regulatory backgrounds and key differences. Liquidity measures such as Bid-Ask spread and post-issuance volumes in...
China government bond issuance reducing transparency of total social finance
Understanding state support for the economy in China can be measured across several dynamics, but debt provision to the non-financial private sector, known as...
Bank of England launches SWES test for bond markets
The Bank of England (BoE) has published the latest phase of the System-wide Exploratory Scenario (SWES) with bank and non-bank participants provided a hypothetical...
Substantially higher US investment grade stress going into 2023
The Federal Reserve Bank of New York’s Corporate Bond Market Distress Index (CMDI) is closing 2022 with investment grade US bond markets twice as distressed as...
Emerging Markets Focus Part 1: What the flows mean for traders
Fixed income sector investments have proven worst for emerging markets funds year to date, according to data from JP Morgan and Bloomberg indices, driving...
Comparing Corporate Bond Liquidity Across Regions
By Grant Lowensohn and Hidde Verholt.
Highlights
The US corporate bond market offers a significantly greater number of ISINs with high daily trade counts than other...
