Corporate issuance begins February weighted towards Europe and IG
The US is seeing a drop off in lower grade debt issuance so far in 2026, relative to 2025 levels, while higher grade US...
European bond trading impacted by 84% of flows to active open-ended funds
European fixed income fund flows remain structurally different from the US, materially affecting trading flows during the day. In 2025, 84% of Europe’s US$422.7bn net inflows went to active open-ended funds. US flows...
Big deals in January as UBS predicts record year for US issuance
Corporate bond issuance started the year hot, with over US$211 billion issued globally in the week beginning 4 January, however numbers dropped off pretty...
Risk-off showing in corporate bond trading costs
The rigid grip on safer assets that investors have taken over the past two weeks has clearly shown in trading costs as bid-ask spreads...
Visualising the cost of credit trading cut in half since 2023
Credit markets have seen bid-ask spreads, a proxy for trading costs for the buy-side, tighten further in the first two weeks of 2026, relative...
Bid-ask spread volatility highest in US bond markets
When comparing liquidity across markets in 2025, buy-side bond traders may consider European investment grade markets to have an optimal set of characteristics. However,...
Opportunities in e-trading credit derivatives
Credit futures and swaps complement each other by providing investors with different but interconnected tools to manage credit risk, hedge exposures, and to gain...
IG issuance across US and Europe up 20% on five-year average
US investment grade debt issuance has hit $1.7 trillion year to date (YTD) in 2025, a 12% increase year on year (YoY). That brings...
US credit activity dropped off a cliff in late November
Analysis of US corporate bond market activity has found that trading volumes and counts plummeted going into the final month of the year. A...
How a credit sell-off might unfold…
Someone, somewhere, is cooking the books
In 2007, I explained the risks of cumulative capital market investments to a friend as a series of interconnected...
