Is rising credit risk displaying in bid-ask spreads?
US credit markets are seeing a divergence in bid-ask spreads and trade sizes between high yield and investment grade bonds, according to data from...
What banks’ primary success can tell us about their priorities in 2022
When looking at the revenues of investment banks in Q3 2021, using Greenwich Coalition data, we can see that secondary market trading in fixed...
Betting the house
Mortgage origination in the US is predicted by the Mortgage Bankers Association (MBA) to rise significantly across 2024-25, yet trading of securitised mortgages still...
Chart of the week: ECB rates rise expectations
Expectations on the European Central Bank’s appetite to increase its interest rate will have a direct and negative impact on European bond trading which...
EM stabilising could encourage market makers
Emerging market activity has seen a reduction in volatility in the first half of the year, with both volumes and pricing levels falling slightly,...
Seize the opportunity to apply AI in quieter bond markets
Secondary credit trading is seeing lower volumes as expected in the summer months, whilst bid-ask spreads have plateaued across Europe and the US markets,...
White-paper summary: Filling the liquidity gap in bond index construction
Industry viewpoint: State Street Global Advisors SPDR® and MarketAxess
The success of ETFs in supporting bond market liquidity has been marred by a gap in...
What is driving down EM trading costs?
Analysis of trade size and bid-ask spread data from MarketAxess’s CP+ pricing feed and Trax market data, which tracks activity across markets, indicates that...
Emerging markets see liquidity costs decline
The cost of liquidity in emerging markets appears to be falling for fixed income traders. Looking at MarketAxess’s CP+ consolidated price feed, and cross-referencing...
Issuance and inflows paint more positive picture for EM liquidity
Over the past week emerging markets (EM) credit issuance saw US$7.6 billion in newly issued bonds, against US£900k the week before, while on the...
