Is a liquidity crisis brewing in European HY?
Concern around liquidity in Europe’s high yield market has been rising over the past quarter as it is hit by a double whammy, falling issuance and declining market ...
Why are European IG Bid-Ask spreads widening?
Liquidity in the European corporate bond market is becoming more expensive in both high yield (HY) and investment grade (IG) trading. According to MarketAxess data, ...
Get US high yield portfolios in order over summer
June looked decidedly challenging for US high yield (HY) trading, as mean bid-ask (BA) spreads dislocated from the median, indicating spikes in BA spreads across certain ...
Emerging Markets Focus Part 2: Illiquidity in numbers
When investment flows are heavily directional it can make trading more challenging, as most investment firms are selling into a downward market or buying into a rising ...
Splinters of a market
While liquidity in US investment grade (IG) markets has been holding up relatively well, MarketAxess data shows us that the past month has seen an exaggeration of the ...
Bid-ask spread betting in credit
Betting how bid-ask spreads will move this year has been made more challenging by a dislocation between the mean average and the median bid-ask spreads found in European ...
What bouncing US credit volumes tell us in June
Looking at corporate bond trading volumes over the past two weeks, data from MarketAxess appeared to show a recovery since levels plummeted in May 2022. While high yield ...
The liquidity bears’ picnic
If you are on the desk, there is often an inverse relationship between the tension you experience and the volume of people relaxing on holiday. For example, European ...
New issuance drives up secondary selling
News that high yield (HY) issuance has fallen in Europe may be of little consolation to investment grade investors, as new data from MarketAxess show that selling ...
Is US investment grade market-making starting to fray?
In US credit, mean bid/ask spreads are skewing upwards from the median, indicating that a greater proportion of larger spreads are in some cases skewing the average ...
European trading strained in high yield
Comparing European high yield (HY) and investment grade (IG) corporate bond data from MarketAxess, the pressure for traders and investors in high yield markets is very ...
The cost of liquidity in EM today
A very graphic representation of the cost of liquidity can be seen in the latest data from MarketAxess. It shows that average daily volume for hard currency EM bonds has ...
What FINRA’s trade reporting changes tell us about consolidated tapes
Understanding the difference between commercial and public data offerings is crucial for data users. A good example of this difference can be found with a reclibration ...
A very clear contrast in trading volumes as sanctions bite
The second chart this week shows trading in Russian government bonds which fell off a cliff at the start of March, triggered by an unprecedented set of sanctions being ...
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% in October. Currently sitting ...
