Review of 2023 Trading: Trade sizes falling – in parts…
Looking back at this year’s trading activity, through analysis of MarketAxess Trax data and TRACE for US markets, we can see clear patterns emerging...
Splinters of a market
While liquidity in US investment grade (IG) markets has been holding up relatively well, MarketAxess data shows us that the past month has seen...
Emerging markets trading costs threaten to rise
Emerging market bond traders will see trading costs rising as volumes begin to decline. According to MarketAxess data from its CP+ pricing tool and...
BOB Secondary: US Credit has never had it so good
Liquidity in US credit has improved significantly over the past year, with bid-ask spreads lower than any point in 2022, according to MarketAxess’s CP+...
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...
Why are European IG Bid-Ask spreads widening?
Liquidity in the European corporate bond market is becoming more expensive in both high yield (HY) and investment grade (IG) trading. According to MarketAxess...
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...
Juggling the growth in CUSIPs
If the population of a country increased by 50% since 2014, you would think a housing crisis was likely.
Yet in the year The DESK...
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...
A great vintage for bid-ask spreads
This year’s bid-ask spreads in US investment grade are half those of last year, prompting much celebration on the buy side, but clearly having...
