The beginning of the end (of liquidity provision)?
Bid ask spreads are widening in US investment grade credit, according to MarketAxess’s CP+ data, which may signal the traditional end-of-year withdrawal of dealer...
Dealer engagement in multi-dealer platforms is growing
Sell-side firms appear to be increasing their engagement with corporate bond trading platforms. The narrative of increased bilateral trading between dealers and clients...
Emerging market bonds issuance and returns grow
This week we examine the very directional movements of emerging markets (EM) assets under management (AUM), due to investment flows and growing issuance. With...
BondBloxx outsources trading to Northern Trust
Northern Trust providing outsourced trading services to BondBloxx, an issuer of fixed income exchange traded funds (ETFs) which recently surpassed US$1 billion in assets...
Over stimulating?
The biggest new-issue news over the past week has been the biggest ever European stimulus package – the NextGenerationEU (NGEU) recovery plan – and...
APAC trading recovery is far from even
The recovery from last year’s market sell-off and the ongoing Covid-19 pandemic appears to have been marked in many regions, with volumes for both...
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...
The cost of liquidity in EM today
A very graphic representation of the cost of liquidity can be seen in the latest data from MarketAxess. It shows that average daily volume...
The enduring popularity of ‘Don’t Panic’
The phrase ‘Don’t Panic’ crops up frequently in comic fiction, notably in Douglas Adams’ book ‘Hitchhiker’s Guide to the Galaxy’ and in 1970’s British...
Emerging markets trading costs threaten to rise
Emerging market bond traders will see trading costs rising as volumes begin to decline. According to MarketAxess data from its CP+ pricing tool and...
