Do Europe’s credit trading costs invert the pattern for US debt trades?
An analysis of average bid-ask spreads in corporate bond markets across the European and US markets suggests that median bid ask spreads responses are...
Electronification of US credit delivers resilience
The electronification of the US corporate bond markets has demonstrated that its improved efficiency has strengthened depth of liquidity provision, rather than made it...
“There is still an edge in systematic trading”
Systematic trading is often associated with highly liquid instruments, but asset managers have outlined success stories in less liquid debt markets, at the Fixed...
Portfolio trading proves transformational, but controversial
The US market has been transformed by portfolio trading (PT) this year, with estimates that PT makes up somewhere between 25-40% of dealer-to-client (D2C)...
Primary held in check by tariff and rate uncertainty
Gross credit issuance has fallen in developed markets, according to data from Dealogic and Morgan Stanley, across investment grade (IG) and high yield (HY).
DM...
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...
European bid-ask credit spreads not assuaged by tariff roll back
Liquidity costs in European corporate bond trading remain elevated, after the tariff shock in early April saw bid-ask spreads widen significantly across markets, according...
Mexican bond markets: Keep your friends close
Sitting next to the US in the current trade war meant that Mexico avoided the highest bracket of US tariffs, thanks to its existing...
Implications of Atlanta Fed negative GDPNow score for US credit
The Atlanta Federal Reserve’s GDPNow estimate for real GDP growth in the US hit 2.4% on 6 March 2025, up from -2.8 percent on 3 March,...
Picturing uncertainty in a traditionally stable market
Trading numbers in secondary corporate bond markets appear to reflect anecdotal reports of volatility bursts, as political false starts impact the reading of major...
