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...
Shielding from exploding issuance
US fixed income markets saw issuance in Q1 2024 hit US$2.5 trillion according to the Securities Industry and Financial Markets Association (SIFMA), an increase...
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,...
Great Expectations (on rate cuts)
The latest BofA Global Fund Manager Survey has found that 76% of respondents expect two or more Fed cuts in 2024 versus 8% who...
MarketAxess industry viewpoint
Comparing portfolio trading and list RFQ TCA
By Gio Accurso, Grant Lowensohn and Jessica Hung, MarketAxess
Highlights and objectives
The MarketAxess Research team investigates any key...
High yield bond issuance relative to liquidity
A report by the Association for Financial Markets in Europe (AFME) has found that primary issuance of European high yield (HY) bonds in 2023...
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...
Issuing at the top of the market
The high levels of bond issuance this year, made at what is widely expected to be peak interest rates, are potentially building up high...
