Evidence of trading efficiency from electronification
This week we look at the growth of electronic trading in the US fixed income markets, and the potential it holds to reduce time...
Focus on China’s property sector
The charts we focus on this week are from CreditSights, and look at the issuance and outstanding bonds for Evergrande, the Chinese property developer...
TRACE recalibration exposes double counting
An adjustment to bond trade reporting to TRACE, the US post-trade reporting tape for fixed income, has cut the volume of trades arranged via...
Is issuance for the high jump?
Data from CreditSights indicates the pace of US investment grade bond issuance fell from May, only to jump back in August, at a point...
Dealer engagement in multi-dealer platforms is growing
Sell-side firms appear to be increasing their engagement with corporate bond trading platforms. The narrative of increased bilateral trading between dealers and clients...
What’s big, green and keeps traders busy?
Bond issuance sizes in the ESG space are growing, and the average size of the deals are growing too. The proportion of benchmark-sized deals...
A surfeit of bonds?
Henry I of England famously died from eating a surfeit of lampreys – a delicacy until consumed to excess. Central banks might want to...
Juggling the growth in CUSIPs
If the population of a country increased by 50% since 2014, you would think a housing crisis was likely.
Yet in the year The DESK...
Over stimulating?
The biggest new-issue news over the past week has been the biggest ever European stimulus package – the NextGenerationEU (NGEU) recovery plan – and...
The high impact of low volumes in Q2
Volumes in US investment grade (IG) bonds have fallen significantly in the second quarter of this year compared with the same period in 2020....
