Is a liquidity crisis brewing in European HY?
Concern around liquidity in Europe’s high yield market has been rising over the past quarter as it is hit by a double whammy, falling...
Barnes on Bonds: Secondary Gilt Trip
To look at the whipsaw effect of the UK’s 23 September mini-budget on secondary UK bond trading, we have taken data from MarketAxess TraX,...
The cost of European liquidity is falling, does e-trading beckon?
Good news for buy-side traders in European credit markets. Looking at MarketAxess Trax, which tracks trading across multiple markets and counterparties, bid-ask spreads are...
TRACE recalibration exposes double counting
An adjustment to bond trade reporting to TRACE, the US post-trade reporting tape for fixed income, has cut the volume of trades arranged via...
Are average trade sizes really falling in the US?
Earlier this year we noted that average trade sizes were down considerably on 2022, but being wary of mean reversion, we wanted to revisit...
Prioritising investment on the high yield trading desk
When we look at the priorities of trading desks in developing more automated tools, we can consider the longer term market trends as a...
The high impact of low volumes in Q2
Volumes in US investment grade (IG) bonds have fallen significantly in the second quarter of this year compared with the same period in 2020....
Seize the opportunity to apply AI in quieter bond markets
Secondary credit trading is seeing lower volumes as expected in the summer months, whilst bid-ask spreads have plateaued across Europe and the US markets,...
What bouncing US credit volumes tell us in June
Looking at corporate bond trading volumes over the past two weeks, data from MarketAxess appeared to show a recovery since levels plummeted in May...
Emerging markets’ uneasy calm
Bid-ask spreads for fixed income trading in emerging markets have stabilised after a tumultuous year in 2022, according to TraX data, triggered by the...
