Selling the dip
Credit investors may see the relative calm in the market at present as a point at which to trade into safer positions, according to...
Insights and Analysis: Citadel Securities challenges primary market conflicts
A year ago, rumours in the bond markets suggested that Citadel Securities might be planning a move into bond issuance, a move which buy-side...
CUSIP issuance up YoY, but March decline signals concern
Year-to-date CUSIP issuance, which is indicative of new debt securities being issued, has increased year-to-date against 2024 figures, according to CUSIP Global Services (CGS).
Its latest...
US markets seeing risk implied in bid-ask spread
While US stock markets are in turmoil, US investment grade bond markets are also reflecting the greater uncertainty caused by an erratic approach to...
BGC CEO to divest ownership if appointed US Secretary of Commerce
Howard Lutnick, CEO of interdealer broker, infrastructure and data provider, BGC Group, has said he would leave the business entirely if he is appointed...
Refinancing debt: New bonds, old problem
A new paper from Bank of America’s credit strategist Neha Khoda and Adam Vogel has found that bond issuers are facing a significant increase in costs...
Origination: Issuer profile – EchoStar Corp
EchoStar Corp saw the largest proportional increase in notional debt outstanding in the technology sector in 2024, with a 509% increase, taking it to...
The cost of transparency and the value of information
Transparency can smell like information leakage by any other name, to butcher a Shakespeare quotation. Giving up information needs to happen at the latest...
Bid-ask spreads see double-digit tightening in early 2025
Analysis of MarketAxess’s CP+ data, which analyses composite trading costs based on traded bonds, has found that bid-ask-spreads have tightened by double digit percentages...
Competition for debt issuance fierce as activity remains
Primary debt markets are likely to be a major revenue earner for dealers facing tighter margins in secondary bond markets. Issuance has started strongly...
