The impact of trading long-dated bonds
Faced with the prospect of climbing rates, some investors will be looking to switch out of lower coupon bonds to capture higher returns. However,...
European credit – get it while it’s hot!
Bid ask spreads in European investment grade (IG) credit trading have fallen substantially over the past month, based on data from MarketAxess’s CP+ composite...
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...
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,...
The liquidity bears’ picnic
If you are on the desk, there is often an inverse relationship between the tension you experience and the volume of people relaxing on...
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...
Chart of the week: Trading into Europe
Following our analysis of when to trade into US markets, we examine spreads for European rates markets across the day. For overseas traders working...
Get US high yield portfolios in order over summer
June looked decidedly challenging for US high yield (HY) trading, as mean bid-ask (BA) spreads dislocated from the median, indicating spikes in BA spreads...
Seeing the pressure market makers are under in European credit
Secondary market data paints a picture of the challenges faced by sell-side market makers in the European corporate bond market during Q4. Information from...
US liquidity costs spiked more violently than in Europe
Bid-ask spreads have widened massively in recent weeks, according to MarketAxess CP+ data, with the price in US investment grade nearly doubling in the...
