What EM trade sizes tell us about market evolution
While issuance of emerging markets bonds beat the same period in 2023 by a third, secondary trading is far more choppy, with a stepped...
China focus: The outstanding debt of defaulters
Concern around issuer defaults in China is clearly based upon good evidence; our chart this week from S&P Global Ratings shows the annual growth...
Analysing the split between US and EU investment grade trade sizes
Recent reports that high yield (HY) trades are increasing in size and investment grade (IG) are shrinking, have ignored the year-on-year growth of European...
Competition for debt issuance fierce as activity remains
Primary debt markets are likely to be a major revenue earner for dealers facing tighter margins in secondary bond markets. Issuance has started strongly...
Money markets begin to tail off as rates fall
Reviewing the second quarter activity in primary markets and fund flows, we see the total notional outstanding in US fixed income totalled US$45.3 trillion,...
Credit trades’ double-figure yearly growth proves liquidity dividend
The gradual growth in trade sizes for European corporate bond trades is made clear in the latest MarketAxess TraX data comparison for data from...
Barnes on Bonds: Primary Gilt Trip
To see political risk writ large in financial markets, look no further than the UK. While Rishi Sunak has won the race to be...
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...
Is US investment grade market-making starting to fray?
In US credit, mean bid/ask spreads are skewing upwards from the median, indicating that a greater proportion of larger spreads are in some cases...
Pre-Trade data strategy: Optimizing protocol selection in European Credit
By Chris Egan & Aria Pattinson-Spiers: A decision that clients often face is which trading route to take—a high touch or low touch approach....
