EM traders ride out the chaos
It would be understandable if trading in emerging markets (EM) debt were becoming more expensive as risk increased in many markets it makes up,...
US bond deals fragment as EMEA consolidates
The latest breakdown of debt capital market (DCM) issuance by Dealogic has found that deal numbers in the US have declined slightly year-to-date versus...
Do Europe’s credit trading costs invert the pattern for US debt trades?
An analysis of average bid-ask spreads in corporate bond markets across the European and US markets suggests that median bid ask spreads responses are...
European govies issued at record level in Q1
This year saw the highest first-quarter European government bonds and bills issuance volume since 2006 as €1.2 trillion was issued in Q1 2025, according...
Electronification of US credit delivers resilience
The electronification of the US corporate bond markets has demonstrated that its improved efficiency has strengthened depth of liquidity provision, rather than made it...
Primary held in check by tariff and rate uncertainty
Gross credit issuance has fallen in developed markets, according to data from Dealogic and Morgan Stanley, across investment grade (IG) and high yield (HY).
DM...
Liquidity recovery continues in European investment grade
The careful return to pre-trade-war bid-ask spread levels continues in European credit markets, according to data from MarketAxess TraX, which assesses trading across multiple...
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...
European liquidity costs remain high after April shock
Bond markets are beginning to settle on both sides of the Atlantic after the shock of Liberation Day and various amendments to tariff policies...
European bid-ask credit spreads not assuaged by tariff roll back
Liquidity costs in European corporate bond trading remain elevated, after the tariff shock in early April saw bid-ask spreads widen significantly across markets, according...
