How does the collapse of refinancing affect bond trading?
It costs more to borrow money in the US right now, than it has for a long time. Even more so for companies in...
Is US investment grade market-making starting to fray?
In US credit, mean bid/ask spreads are skewing upwards from the median, indicating that a greater proportion of larger spreads are in some cases...
Value and issuance in European credit
Outflows in European bond funds are following a drop in the relative value of European credit, as shown in data from the IHS Markit...
European trading strained in high yield
Comparing European high yield (HY) and investment grade (IG) corporate bond data from MarketAxess, the pressure for traders and investors in high yield markets...
Will primary market tools fragment new issuance instead of standardising it?
Research by The DESK has found that buy-side traders have adopted a range of primary market tools to help them increase their efficiency at...
The cost of liquidity in EM today
A very graphic representation of the cost of liquidity can be seen in the latest data from MarketAxess. It shows that average daily volume...
What FINRA’s trade reporting changes tell us about consolidated tapes
Understanding the difference between commercial and public data offerings is crucial for data users. A good example of this difference can be found with...
How the effects of war are spreading in Asia
The war in Ukraine outside of Europe is, from a capital markets perspective, driving a ‘risk-off’ attitude across issuers, buy-side and sell-side firms. As...
A very clear contrast in trading volumes as sanctions bite
The second chart this week shows trading in Russian government bonds which fell off a cliff at the start of March, triggered by an...
The effect of war on pricing and spreads is widening
The economic effect of the Russian invasion of Ukraine needs to be put in context next to the human tragedy, but data is showing...
