Trouble ahead for traders as number of issued bonds climbs
According to data from Moody’s Investor Services, the US investment-grade companies should have few problems refunding their debt in 2022, which is useful given...
Withering supply of European high yield
Comparing the ‘year-to-April’ data across years, 2022’s high yield issuance looks more like the post-financial crisis period than most years in between.
Data from CreditSights...
This! Is! What! Liquidity! Looks! Like!
In the past quarter, the average daily notional traded for US Treasuries was 99.5% of the total value of securities issued in the same...
China focus: The outstanding debt of defaulters
Concern around issuer defaults in China is clearly based upon good evidence; our chart this week from S&P Global Ratings shows the annual growth...
Shorted dated issuance reflects investor appetite
The analyst team at CreditSights has spotted that the tenor of investment grade bonds being issued in the US primary market Q1 2021 has...
How the effects of war are spreading in Asia
The war in Ukraine outside of Europe is, from a capital markets perspective, driving a ‘risk-off’ attitude across issuers, buy-side and sell-side firms. As...
Treasury bill supply and ON RRP investment
By Gara Afonso, Marco Cipriani, Catherine Huang, Gabriele La Spada, and Sergio Olivas.
Take-up at the Federal Reserve’s Overnight Reverse Repo Facility (ON RRP) increased...
Betting the house
Mortgage origination in the US is predicted by the Mortgage Bankers Association (MBA) to rise significantly across 2024-25, yet trading of securitised mortgages still...
A flying start to 2024 in European bonds may punish traders
The new year has seen a flying start in bond issuance in Europe, with a strong start relative to recent years driving €8.6 billion...
Supply, gross
Debt markets are looking bloated in Europe, with a 33% increase in European non-financial investment grade issuance year-on-year (YoY) year-to-date and a 31% increase...
