The big issue
Corporate bond issuance has boomed at the start of 2024, at a point when rates are peaking. They may not be that high in...
Supply, gross
Debt markets are looking bloated in Europe, with a 33% increase in European non-financial investment grade issuance year-on-year (YoY) year-to-date and a 31% increase...
A flying start to 2024 in European bonds may punish traders
The new year has seen a flying start in bond issuance in Europe, with a strong start relative to recent years driving €8.6 billion...
Betting the house
Mortgage origination in the US is predicted by the Mortgage Bankers Association (MBA) to rise significantly across 2024-25, yet trading of securitised mortgages still...
Treasury bill supply and ON RRP investment
By Gara Afonso, Marco Cipriani, Catherine Huang, Gabriele La Spada, and Sergio Olivas.
Take-up at the Federal Reserve’s Overnight Reverse Repo Facility (ON RRP) increased...
BIS: Cut your trading costs in half by cosying up to dealers
A new working paper, written by the Monetary and Economic Department of the Bank of International Settlements, has found that dealer relationships are crucial...
This! Is! What! Liquidity! Looks! Like!
In the past quarter, the average daily notional traded for US Treasuries was 99.5% of the total value of securities issued in the same...
Debt, Outstanding!
The rising level of outstanding debt in the US markets is remarkable – it hit 144% of gross domestic product (GDP) in 2022 according...
Hold me now!
“Hold me now,
Whoa, warm my heart,
Stay with me!”
This Thompson Twins’ classic could be sung by corporate bonds to the sell-side community, who saw their...
What do shorter durations imply for trading?
Data from Dealogic shows that the average maturity for newly issued bonds has been falling in 2023 relative to recent years, with the current...
