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...
Squeezing the bid-ask spread
Bid-ask spreads in the corporate bond space have continued to collapse in 2025, suggesting that liquidity costs are dramatically improving for buy-side traders.
Looking at...
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...
China government bond issuance reducing transparency of total social finance
Understanding state support for the economy in China can be measured across several dynamics, but debt provision to the non-financial private sector, known as...
Is Europe being punished for slower e-trading adoption?
The liquidity shortfall, expected at the end of the year, is traditionally triggered by dealers’ reluctance to make markets when their risk positions are...
DCM deals substantially up year-on-year
Total deal size volume for debt capital markets, year-to-date is up 32% on 2023, according to data from Dealogic.
The trend in regional deals has...
Trade sizes rise in Europe, fall in US
The end of 2024 indicates is seeing quite different changes to trade sizes in the corporate bond markets of Europe and the US, according...
Moody’s: Short-term refinancing to grow in 2025
A report from rating agency Moody’s, has found that the proportion of US non-financial investment-grade corporate bonds needing refinancing within five years has grown...
Visualising aggressive pricing pressure on trading costs
Analysing year-to-date volume and trade number data from MarketAxess’s TraX database for US credit, and correlating it with the weekly average MarketAxess CP+ bid-ask...
