US corporate bond markets have had an unexciting start to the year, remaining flat at US$50 billion in average daily notional volumes (ADNV).
Market share for trading volumes remained steady in this environment, with notional trading volumes up 16% at Bloomberg and 15% at Trumid YoY.
Tradeweb saw a less successful result, up just 5%, while MarketAxess fell by 8%.
In investment grade (IG) credit, e-trading levels were up marginally YoY, rising by 2 percentage points to 47%. E-trading in high yield (HY) credit stayed static at a third of the market.
The slight growth here is attributable to increased use of portfolio trading, Coalition Greenwich stated, which made up 13% of e-volumes in January 2024 and 18% last month. The strategy has also contributed to the decline in credit ETF trading volumes, it continued, offering institutional managers a more customised alternative.
Issuance declined after a strong first week, falling 6% year-on-year (YoY).
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