Substantially higher US investment grade stress going into 2023
The Federal Reserve Bank of New York’s Corporate Bond Market Distress Index (CMDI) is closing 2022 with investment grade US bond markets twice as distressed as...
Reviewing 2022: European credit trading costs have doubled
There have been an enormous number of factors shaking up bond trading this year. From fixed income fundamentals like rapidly rising interest rates from...
All I want for Christmas, is trading analytics
Traders would do well to run close analysis over their European trading activity this month, as data from MarketAxess Trax, which tracks trading across...
Liberty Street Economics asks: How Is the corporate bond market functioning as rates rise?
The Federal Reserve Bank of New York’s market structure and macro analysts, Liberty Street economics, has examined how corporate bond market functioning has withstood...
Illiquidity creeps up in US credit… will e-trading save the day?
Looking at data on US credit markets, taken from MarketAxess Trax, which tracks trading across multiple markets and counterparties, investment grade trading volumes have been...
Absorbing Gilt
The year after next, the UK is set to issue £305 billion gilts to support the government’s spending programme. The high level of issuance...
The vicious circle of trust and liquidity
Looking at data provided by CreditSights, we can see the extent of lenders’ concern about Credit Suisse this year. The cost of insuring Credit...
Breaking blocks
Electronic trading is certainly on a growth spurt – Coalition Greenwich reports e-trading was 46% volume across all assets in 2021 – but this...
Barnes on Bonds: Secondary Gilt Trip
To look at the whipsaw effect of the UK’s 23 September mini-budget on secondary UK bond trading, we have taken data from MarketAxess TraX,...
Barnes on Bonds: Primary Gilt Trip
To see political risk writ large in financial markets, look no further than the UK. While Rishi Sunak has won the race to be...
