US corporate bond trading is expecting to reach record levels in 2025, according to a recent Coalition Greenwich report.
In November, average daily trade sizes rose 14% year-on-year (YoY) and 3% month-on-month (MoM), reaching US$405k. Average daily notional volumes were up 13% YoY to US$53 billion, representing a 4% monthly increase.
Electronic trading was also on the rise, with e-trading taking 49% of investment grade volumes (up two percentage points YoY and one percentage point MoM), and 35% of high yield volumes (up four percentage points YoY and one percentage point MoM).
“This year will see the first notable YoY volume increase [in HY e-trading] since 2020, growing roughly 20%’” report authors Kevin McPartland and Neha Jain observe, adding that increases in portfolio trading for the segment could mark a new stage of growth.
This reaffirms a trend recognised by the pair in October.
READ MORE: Coalition Greenwich: “E-trading in HY is only just getting started”
Elsewhere, Coalition Greenwich notes an increase in credit ETF trading over the year, reaching 19% of total bond volumes in October and November – up from the 16% year-to-date average and the 17% 2024 average.
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