Insights and Analysis: Citadel Securities challenges primary market conflicts
A year ago, rumours in the bond markets suggested that Citadel Securities might be planning a move into bond issuance, a move which buy-side...
Bid-ask spreads drop 25% on average in many markets
The cost of liquidity as measured by the bid-ask spread in bond trading has fallen by approximately 25% since the start of the year,...
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...
Is Europe being punished for slower e-trading adoption?
The liquidity shortfall, expected at the end of the year, is traditionally triggered by dealers’ reluctance to make markets when their risk positions are...
American primary debt markets keep humming
Dealogic data show US debt capital market (DCM) issuance is little changed year on year (YoY) in aggregate: 2025 year-to-date (YtD) totals US$1.97 trillion...
Value and issuance in European credit
Outflows in European bond funds are following a drop in the relative value of European credit, as shown in data from the IHS Markit...
Barnes on Bonds: Secondary Gilt Trip
To look at the whipsaw effect of the UK’s 23 September mini-budget on secondary UK bond trading, we have taken data from MarketAxess TraX,...
Examining the (Thames) Water fall
In 2013 when markets still looked precarious amid the fallout from the financial crisis, utilities were a good investment.
With a near cast-iron cashflow...
Shielding from exploding issuance
US fixed income markets saw issuance in Q1 2024 hit US$2.5 trillion according to the Securities Industry and Financial Markets Association (SIFMA), an increase...
Will primary market tools fragment new issuance instead of standardising it?
Research by The DESK has found that buy-side traders have adopted a range of primary market tools to help them increase their efficiency at...
