The pros and cons of record issuance
Bond markets typically see increased liquidity around a bond shortly after it is issued. However, this does not mean that markets are automatically more...
Corporate bond trade sizes climb in Europe
Total notional traded in European corporate bonds reached €5,397 billion in 2024, according to ICMA’s latest Secondary Market Data Report, an 11.8% increase on...
Crunch on liquidity costs
As bid-ask spreads begin to widen on both sides of the Atlantic, buy-side credit traders need to reassess how to best manage the crunch...
Mystery surrounds APA failure in European bond markets
European bond market participants are keen to know which post-trade data reporter, known as an approved publication arrangement (APA), has ‘data quality issues’ resulting...
April showers on e-trading platform growth
Last month saw electronic trading platforms continue to grow, but with activity hit by the concerns around financials, leading multi-asset market operator, Tradeweb, to...
Reading between the lines of JP Morgan’s e-Trading Survey 2023
JP Morgan’s e-Trading Survey has tracked a substantial shift in capital markets priorities as worsening liquidity, central bank activity and economic fragility overtake COVID,...
Systematic credit trading changes the buy/sell-side dynamic
An investment manager capable of making a price in less than a minute in Europe, or several minutes in the US, can be a...
Did UBS/CS deal terms just revalue the entire AT1 bond market?
Buy-side trading desks say they are looking at the risk of contagion across financials, following the takeover of troubled Credit Suisse by UBS, for...
Credit hungry in 2025
The market is clearly very hungry for more credit, a positive signal given how much new and refinanced debt is being issued.
This can most...
Implied cost of liquidity falling, with US high yield an exception
Volumes in the corporate bond markets have been picking back up, relative to bid-ask spreads, indicating an improving liquidity picture across the US and...
