Excited or scared? The liquidity rollercoaster
Bid-ask spreads across all credit markets shot up in the week of 7 April, following the announcement of global tariffs on imports to the...
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...
Shorted dated issuance reflects investor appetite
The analyst team at CreditSights has spotted that the tenor of investment grade bonds being issued in the US primary market Q1 2021 has...
Substantially higher US investment grade stress going into 2023
The Federal Reserve Bank of New York’s Corporate Bond Market Distress Index (CMDI) is closing 2022 with investment grade US bond markets twice as distressed as...
Bringing innovation and liquidity to the US Treasuries market
Earlier this month, PIMCO, one of the world’s largest fixed income asset managers, published their view on how to improve the functioning of the US...
Visualising aggressive pricing pressure on trading costs
Analysing year-to-date volume and trade number data from MarketAxess’s TraX database for US credit, and correlating it with the weekly average MarketAxess CP+ bid-ask...
Under pressure
Secondary markets trading has seen a net trend towards tighter bid-ask spreads for trading across all corporate bond segments in US, Europe and emerging...
European investment grade seeing smaller, cheaper trades
European investment grade bond traders are seeing a falling bid-ask spread, and a rising trade count since the start of 2024, according to MarketAxess’s...
The implication of Europe’s falling volumes
An ominous sign in Europe’s secondary markets for dealers, as volumes remain in the doldrums.
Anecdotally, buy-side firms report volumes are up to 20%...
US Credit: Liquidity costs trending down
The bid-ask spread in US high yield trading is falling again having suffered an uptick in December, according to MarketAxess Trax, which tracks trading...
