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...
Focus on China’s property sector
The charts we focus on this week are from CreditSights, and look at the issuance and outstanding bonds for Evergrande, the Chinese property developer...
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...
The implication of falling US HY Issuance
Anecdotally, we hear that new issuance of high yield bonds in European markets directly impacted secondary market liquidity. Looking at the latest data from...
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...
Portfolio trading breaks into new markets
Emerging markets are adopting PT to add efficiency to liquidity sourcing, writes Matt Walters of MarketAxess.
Portfolio trading has seen a lot of success and...
DCM deals substantially up year-on-year
Total deal size volume for debt capital markets, year-to-date is up 32% on 2023, according to data from Dealogic.
The trend in regional deals has...
US credit sees elevated bid-ask spreads
Bid-ask spread remain elevated in US markets across investment grade and high yield, relative to January and February, according to MarketAxess Trax data, which...
Moody’s: Short-term refinancing to grow in 2025
A report from rating agency Moody’s, has found that the proportion of US non-financial investment-grade corporate bonds needing refinancing within five years has grown...
A very clear contrast in trading volumes as sanctions bite
The second chart this week shows trading in Russian government bonds which fell off a cliff at the start of March, triggered by an...
