Electronic trading is breaking out of stagnation in US credit, with Coalition Greenwich predicting that high yield (HY) e-trading will soon hit its highest level yet.
According to data sourced from MarketAxess and Coalition Greenwich, on a combined basis, almost half (48%) of US credit was traded electronically in June. In investment grade (IG) bonds it was used for 53% of volumes, a one percentage point increase yearly (YoY), and a four percentage point increase month-on-month (MoM).
In HY bonds, 34% of volumes were traded electronically – up three percentage points YoY and two percentage points MoM.
Average daily notional volumes increased by 21% YoY but dropped 3% MoM to US$58 billion, while combined IG and HY average daily trade sizes were up 7% YoY and down 0.4% MoM to US$448 thousand.
At the same time, primary issuance was up 54% YoY, driven by AI infrastructure loans.
Portfolio trading continued its slow rise, up one percentage point YoY to represent 13.8% of traded volumes.
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