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...
Research: ETFs worsen fixed income liquidity in a crisis
An academic paper has argued that fixed income exchange traded funds (ETFs) “improve bond liquidity in general, but worsen it in periods of large...
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,...
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...
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,...
Great Expectations (on rate cuts)
The latest BofA Global Fund Manager Survey has found that 76% of respondents expect two or more Fed cuts in 2024 versus 8% who...
Bid-ask spread betting in credit
Betting how bid-ask spreads will move this year has been made more challenging by a dislocation between the mean average and the median bid-ask...
What is crushing the bid-ask spread in US IG?
The bid-ask spread in US investment grade credit has been falling this year, regardless of the trading volume activity.
Notional traded in the US...
JP Morgan leads DCM amidst primary markets retreat in Q1 2025
In the first quarter of 2025, global debt capital markets (DCM) activity retreated while JP Morgan maintained its position at the top of the...
FDIC drive to issue US bank debt
Banks in the US have been asked by Government agencies to issue new debt to support their stability under a new proposal by the...
