Substantially higher US investment grade stress going into 2023
The Federal Reserve Bank of New York’s Corporate Bond Market Distress Index (CMDI) is closing 2022 with investment grade US bond markets twice as distressed as...
Chart of the week: ECB rates rise expectations
Expectations on the European Central Bank’s appetite to increase its interest rate will have a direct and negative impact on European bond trading which...
Keep an eye on bank issuance
Bank bond issuance is expected to pick up this year according to research by Morgan Stanley analysts. With deposits proving less attractive as a...
Subscriber
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,...
Examining the (Thames) Water fall
In 2013 when markets still looked precarious amid the fallout from the financial crisis, utilities were a good investment.
With a near cast-iron cashflow...
Subscriber
Absorbing Gilt
The year after next, the UK is set to issue £305 billion gilts to support the government’s spending programme. The high level of issuance...
If you go down to the woods today…
The bond market is bearish at a historical level according to analysis by BofA Securities, with high yield down -16.7%, investment grade down -19.3%,...
Primary markets start 2023 with top ten hit
Bond issuance for US investment grade on 3 January 2023 was the tenth largest day on record, according to data from Dealogic.
While January is...
Can primary markets deflate?
Inflation levels could have a direct impact on volume of work – and therefore operational pressure – on buy-side trading desks.
Managing the process of...
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...
