Implied cost of liquidity falling, with US high yield an exception
Volumes in the corporate bond markets have been picking back up, relative to bid-ask spreads, indicating an improving liquidity picture across the US and...
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,...
Liquidity costs ticking up as the heat rises
Summer is seeing the cost of trading in fixed income markets begin to tick up again, as bid ask spreads begin to widen, according...
Feeling the credit crunch in high yield trading
Trading costs for high yield bonds have been elevated on both sides of the Atlantic. The US saw a big jump in bid-ask spreads...
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%...
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...
Europe IG credit trade size collapsed and has not recovered
Corporate bond traders has seen the average trade size reducing in Europe across both investment grade and high yield, suggesting that block trading is...
US credit sees elevated bid-ask spreads
Bid-ask spread remain elevated in US markets across investment grade and high yield, relative to January and February, according to MarketAxess Trax data, which...
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...
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...
