Analysis of US yields in 2021 and anticipation for next year
Yields for US high yield bonds have turned a corner, according to MarketAxess data, following a drop from 3.65% in April down to 3.065%...
What banks’ primary success can tell us about their priorities in 2022
When looking at the revenues of investment banks in Q3 2021, using Greenwich Coalition data, we can see that secondary market trading in fixed...
The impact of trading long-dated bonds
Faced with the prospect of climbing rates, some investors will be looking to switch out of lower coupon bonds to capture higher returns. However,...
China Focus: The secondary effect of defaults
The bid-ask spread for bonds in China’ property market has expanded by 300% this year, although even more so for Evergrande which increased by...
China focus: The outstanding debt of defaulters
Concern around issuer defaults in China is clearly based upon good evidence; our chart this week from S&P Global Ratings shows the annual growth...
2022: Big primary, smaller secondary?
Despite the expectation of rising rates across markets, S&P Global Ratings Research are predicting that issuance of new bonds across markets will not see...
Prioritising investment on the high yield trading desk
When we look at the priorities of trading desks in developing more automated tools, we can consider the longer term market trends as a...
Craig McLeod: Exploring the new frontiers of EM trading
Today’s EM traders need more data, market access and broader liquidity than ever before to meet the investment profiles of their portfolios. Craig McLeod,...
Trouble ahead for traders as number of issued bonds climbs
According to data from Moody’s Investor Services, the US investment-grade companies should have few problems refunding their debt in 2022, which is useful given...
Seeing the pressure market makers are under in European credit
Secondary market data paints a picture of the challenges faced by sell-side market makers in the European corporate bond market during Q4. Information from...
