Rosy picture for credit dealers as they lower IR risk
US dealer exposure to interest rate risk in their investment grade (IG) bond inventories hit its lowest level for twelve months in week of...
Second quarter issuance recovers after soft April and May
Morgan Stanley has reported that June issuance increased 13% year-on-year (YoY) following a 34% drop in April and 3% decline in May.
“Strong June issuance...
Signalling risk in credit, if one counterparty is 50% volume
How do you avoid information leakage? Does this change if half the market is trading with a single counterparty? Knowing that electronic market maker,...
E-trading boosts efficiency not liquidity in Japan’s buy-and-hold bond market
Japan’s bond market has long been seen as voice-heavy, with established traditions of relationship-based trading and an aversion to electronic, less personal alternatives. However,...
US bond deals fragment as EMEA consolidates
The latest breakdown of debt capital market (DCM) issuance by Dealogic has found that deal numbers in the US have declined slightly year-to-date versus...
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...
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...
