Credit

Get your trade dressed to kill (or execute)

Getting a trade to look attractive to a counterparty gets harder the more illiquid, large, and specific it is. As the purpose of a...

European credit volumes plummet as US stays buoyant

European corporate bond markets have seen trading volumes and trade count collapse going into summer, as the holiday period provides some respite for tired...

Second quarter issuance recovers after soft April and May

Morgan Stanley has reported that June issuance increased 13% year-on-year (YoY) following a 34% drop in April and 3% decline in May. “Strong June issuance...

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...

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...

Portfolio trading proves transformational, but controversial

The US market has been transformed by portfolio trading (PT) this year, with estimates that PT makes up somewhere between 25-40% of dealer-to-client (D2C)...

When volatility improves credit liquidity

Credit market liquidity has been positive in the first half of 2025, despite the high levels of volatility. There are several dynamics which might be...

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...

Exclusive: Redefining credit markets – Neptune Networks and Liquidnet

Byron Cooper-Fogarty, CEO of Neptune Networks, and David Johnsen, head of fixed income at Liquidnet, delve into their vision for this transformative partnership. With TP...