Illiquidity creeps up in US credit… will e-trading save the day?
Looking at data on US credit markets, taken from MarketAxess Trax, which tracks trading across multiple markets and counterparties, investment grade trading volumes have been...
Breaking blocks
Electronic trading is certainly on a growth spurt – Coalition Greenwich reports e-trading was 46% volume across all assets in 2021 – but this...
Barnes on Bonds: Secondary Gilt Trip
To look at the whipsaw effect of the UK’s 23 September mini-budget on secondary UK bond trading, we have taken data from MarketAxess TraX,...
What volatility looks like
Understanding how challenging the European markets have been to trade this year is far clearer when looking at the numbers. According to MarketAxess TraX...
Is a liquidity crisis brewing in European HY?
Concern around liquidity in Europe’s high yield market has been rising over the past quarter as it is hit by a double whammy, falling...
Why are European IG Bid-Ask spreads widening?
Liquidity in the European corporate bond market is becoming more expensive in both high yield (HY) and investment grade (IG) trading. According to MarketAxess...
Get US high yield portfolios in order over summer
June looked decidedly challenging for US high yield (HY) trading, as mean bid-ask (BA) spreads dislocated from the median, indicating spikes in BA spreads...
Emerging Markets Focus Part 2: Illiquidity in numbers
When investment flows are heavily directional it can make trading more challenging, as most investment firms are selling into a downward market or buying...
Splinters of a market
While liquidity in US investment grade (IG) markets has been holding up relatively well, MarketAxess data shows us that the past month has seen...
Bid-ask spread betting in credit
Betting how bid-ask spreads will move this year has been made more challenging by a dislocation between the mean average and the median bid-ask...
