Moody’s strips US of its final triple-A
Moody’s Investors Service has cut the long-term sovereign rating of the United States by one notch to Aa1, citing the inexorable rise in federal...
Insights and Analysis: Citadel Securities challenges primary market conflicts
A year ago, rumours in the bond markets suggested that Citadel Securities might be planning a move into bond issuance, a move which buy-side...
CUSIP issuance up YoY, but March decline signals concern
Year-to-date CUSIP issuance, which is indicative of new debt securities being issued, has increased year-to-date against 2024 figures, according to CUSIP Global Services (CGS).
Its latest...
JP Morgan leads DCM amidst primary markets retreat in Q1 2025
In the first quarter of 2025, global debt capital markets (DCM) activity retreated while JP Morgan maintained its position at the top of the...
Debt deals decline
Debt markets have seen a year-on-year (YoY) decline in deal activity in 2025, according to data from Dealogic, reflecting the pensive mood amongst corporations...
Implications of Atlanta Fed negative GDPNow score for US credit
The Atlanta Federal Reserve’s GDPNow estimate for real GDP growth in the US hit 2.4% on 6 March 2025, up from -2.8 percent on 3 March,...
Retreat in credit market primary activity in January 2025, Munis a bright spot
In January 2025, Debt Capital Markets (DCM) for credit issuance retreated in the US and in Europe while primary activity for municipal bonds (Munis)...
Measuring digital bond issuance
The use of distributed ledger technology (DLT) to issue bonds can tackle several concerns in the debt markets. Firstly, it reduces the fragmented information...
Refinancing debt: New bonds, old problem
A new paper from Bank of America’s credit strategist Neha Khoda and Adam Vogel has found that bond issuers are facing a significant increase in costs...
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...
