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...
Aligning issuance and recession risk
Data from Dealogic is indicating highly variable bond issuance patterns in the US, European Union and UK markets, year-to-date.
This is understandable given the rapidly...
Bid-ask spread betting in credit
Betting how bid-ask spreads will move this year has been made more challenging by a dislocation between the mean average and the median bid-ask...
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...
Splinters of a market
While liquidity in US investment grade (IG) markets has been holding up relatively well, MarketAxess data shows us that the past month has seen...
Prioritising investment on the high yield trading desk
When we look at the priorities of trading desks in developing more automated tools, we can consider the longer term market trends as a...
What’s big, green and keeps traders busy?
Bond issuance sizes in the ESG space are growing, and the average size of the deals are growing too. The proportion of benchmark-sized deals...
Seize the opportunity to apply AI in quieter bond markets
Secondary credit trading is seeing lower volumes as expected in the summer months, whilst bid-ask spreads have plateaued across Europe and the US markets,...
European investment grade seeing smaller, cheaper trades
European investment grade bond traders are seeing a falling bid-ask spread, and a rising trade count since the start of 2024, according to MarketAxess’s...
New issuance process unchanged for 59% of traders despite electronification
New research from analyst firm, Coalition Greenwich, has found that 59% of traders are still waiting to see an improvement in the new issue...
