Chart of the week: Get in early
Access to primary bond markets has been a headline topic for buy-side traders over the last four years. As issuance volumes have grown, rising...
TRACE recalibration exposes double counting
An adjustment to bond trade reporting to TRACE, the US post-trade reporting tape for fixed income, has cut the volume of trades arranged via...
S&P Global: European bonds slump to lowest first-half volume since financial crisis
By Thomas Beeston
European high-yield bond issuance is set for the lowest first-half total since the global financial crisis, as volatile interest rates and fears...
Pre-Trade data strategy: Optimizing protocol selection in European Credit
By Chris Egan & Aria Pattinson-Spiers: A decision that clients often face is which trading route to take—a high touch or low touch approach....
Refinancing debt: New bonds, old problem
A new paper from Bank of America’s credit strategist Neha Khoda and Adam Vogel has found that bond issuers are facing a significant increase in costs...
A flying start to 2024 in European bonds may punish traders
The new year has seen a flying start in bond issuance in Europe, with a strong start relative to recent years driving €8.6 billion...
Emerging markets’ uneasy calm
Bid-ask spreads for fixed income trading in emerging markets have stabilised after a tumultuous year in 2022, according to TraX data, triggered by the...
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...
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...
Measuring digital bond issuance
The use of distributed ledger technology (DLT) to issue bonds can tackle several concerns in the debt markets. Firstly, it reduces the fragmented information...
