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...
Competition for debt issuance fierce as activity remains
Primary debt markets are likely to be a major revenue earner for dealers facing tighter margins in secondary bond markets. Issuance has started strongly...
What is crushing the bid-ask spread in US IG?
The bid-ask spread in US investment grade credit has been falling this year, regardless of the trading volume activity.
Notional traded in the US...
Why are European IG Bid-Ask spreads widening?
Liquidity in the European corporate bond market is becoming more expensive in both high yield (HY) and investment grade (IG) trading. According to MarketAxess...
What volatility looks like
Understanding how challenging the European markets have been to trade this year is far clearer when looking at the numbers. According to MarketAxess TraX...
Implied cost of liquidity falling, with US high yield an exception
Volumes in the corporate bond markets have been picking back up, relative to bid-ask spreads, indicating an improving liquidity picture across the US and...
The effect of war on pricing and spreads is widening
The economic effect of the Russian invasion of Ukraine needs to be put in context next to the human tragedy, but data is showing...
Is European credit electronification bouncing back?
There has been a noted proportional increase in electronification of US credit trading, as tracked by Coalition Greenwich. However, metrics around European trading found...
What’s big, green and keeps traders busy?
Bond issuance sizes in the ESG space are growing, and the average size of the deals are growing too. The proportion of benchmark-sized deals...
Emerging Markets Focus Part 2: Illiquidity in numbers
When investment flows are heavily directional it can make trading more challenging, as most investment firms are selling into a downward market or buying...
