New York Fed economists see US Treasury liquidity at crisis levels
Current US Treasury market liquidity is comparable with the 2007-09 global financial crisis and the March 2020 crisis, particularly for the two-year note, according...
EM debt funds on a winning streak for inflows
According to Morgan Stanley analysis, emerging market (EM) debt funds have seen eight weeks of inflows over the summer period, representing the longest streak...
BofA: Analysis sees surprise future drop in inflation
A report by Bank of America Securities (BofAS), using its BofA Global Proprietary Signals, has found that the futures market is indicating that inflation will...
Coalition Greenwich: Opportunity to electronify block bond trades is huge
Analyst firm, Coalition Greenwich, has found that block trades in the US bond market, defined as trades in investment grade (IG) with a notional...
Research: ETFs worsen fixed income liquidity in a crisis
An academic paper has argued that fixed income exchange traded funds (ETFs) “improve bond liquidity in general, but worsen it in periods of large...
BofA: ‘Universal gloom’ in fund manager survey
The latest fund manager survey by BofA has found that a net 92% of survey participants expect a recession in Europe over the next...
Update: How big is portfolio trading?
In November 2020, we assessed the prevailing research on the size of portfolio trading in the corporate bond market. A new report from Coalition...
Market reflects grim situation in Ukraine
The invasion of Ukraine on 24 February 2022 by Russia, wedded to subsequent sanctions and travel restrictions have triggered a series of market responses...
Greenwich: D2C Treasuries e-trading increases in July
An analysis of trading in the US Treasury space by Greenwich Associates has seen the proportion of electronic dealer-to-client activity (D2C) increasing in July,...
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...
