Feeling the credit crunch in high yield trading
Trading costs for high yield bonds have been elevated on both sides of the Atlantic. The US saw a big jump in bid-ask spreads...
High yield issuance may bounce back
The data for Q1 bond issuance in European high yield (HY) markets shows that it fell 22.7% according to the Association for Financial Markets...
DLT – What is the value in primary markets?
A recent study prepared on behalf of the Global Financial Markets Association (GFMA) by Boston Consulting Group, Cravath, Swaine, and Moore LLP, and Clifford...
The implication of Europe’s falling volumes
An ominous sign in Europe’s secondary markets for dealers, as volumes remain in the doldrums.
Anecdotally, buy-side firms report volumes are up to 20%...
European credit – get it while it’s hot!
Bid ask spreads in European investment grade (IG) credit trading have fallen substantially over the past month, based on data from MarketAxess’s CP+ composite...
The UK’s inflation-linked notes getting snapped up
Data from Parameta, the TP ICAP company data and analytics provider, shows the five-year breakeven inflation rate for the UK, which represents a measure...
Issuance and inflows paint more positive picture for EM liquidity
Over the past week emerging markets (EM) credit issuance saw US$7.6 billion in newly issued bonds, against US£900k the week before, while on the...
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...
US credit sees elevated bid-ask spreads
Bid-ask spread remain elevated in US markets across investment grade and high yield, relative to January and February, according to MarketAxess Trax data, which...
Keep an eye on bank issuance
Bank bond issuance is expected to pick up this year according to research by Morgan Stanley analysts. With deposits proving less attractive as a...
