Not average: Trade sizes in 2024
Looking at the average trade sizes for high yield and investment grade bonds, across Europe and the US in 2024, we can see considerable...
Europe’s incongruous drop in IG bid-ask spreads
European investment grade (IG) credit traders will have seen average bid-ask spreads declining since April, with the median average (typically about €0.03 cents lower...
Upping strike rate and strength in US IG
We often hear ‘nothing really changes’ in relation to capital markets so it is good to have an insight into real progress, courtesy of...
The good news on high yield trading
Two weeks ago we noted that high yield markets have seen trade sizes increase since the start of the year, running counter to the...
High Yield did not get the ‘trade size’ memo
High yield trade sizes are continuing to rise in 2024, and its bonds continue to show signs of increasingly manual trading. As bond markets...
What EM trade sizes tell us about market evolution
While issuance of emerging markets bonds beat the same period in 2023 by a third, secondary trading is far more choppy, with a stepped...
A great vintage for bid-ask spreads
This year’s bid-ask spreads in US investment grade are half those of last year, prompting much celebration on the buy side, but clearly having...
Bid-ask spreads drop 25% on average in many markets
The cost of liquidity as measured by the bid-ask spread in bond trading has fallen by approximately 25% since the start of the year,...
Volumes drop off as Q1 ends, but liquidity still cheap
A broad decline of trading volumes across European & US corporate bond and emerging market debt trading coincided with end of the first quarter...
European investment grade seeing smaller, cheaper trades
European investment grade bond traders are seeing a falling bid-ask spread, and a rising trade count since the start of 2024, according to MarketAxess’s...
