Less distressed debt
The risks of default in high yield credit are one reason cited for reduced sell-side trading activity in the asset class. However, while the outlook for many economies ...
Chart of the week: ECB rates rise expectations
Expectations on the European Central Bank’s appetite to increase its interest rate will have a direct and negative impact on European bond trading which has already been ...
The implication of falling US HY Issuance
Anecdotally, we hear that new issuance of high yield bonds in European markets directly impacted secondary market liquidity. Looking at the latest data from SIFMA, as ...
Emerging Markets Focus Part 1: What the flows mean for traders
Fixed income sector investments have proven worst for emerging markets funds year to date, according to data from JP Morgan and Bloomberg indices, driving outflows for ...
S&P Global: European bonds slump to lowest first-half volume since financial crisis
By Thomas Beeston European high-yield bond issuance is set for the lowest first-half total since the global financial crisis, as volatile interest rates and fears over ...
New issuance process unchanged for 59% of traders despite electronification
New research from analyst firm, Coalition Greenwich, has found that 59% of traders are still waiting to see an improvement in the new issue process for bonds, despite ...
AFME update: European HY bond issuance fell nearly 60% year-on-year
A new report by AFME found that the primary high yield bond market decelerated significantly in Europe at the start of this year. High yield (HY) bond issuance in Q1 ...
The enduring popularity of ‘Don’t Panic’
The phrase ‘Don’t Panic’ crops up frequently in comic fiction, notably in Douglas Adams’ book ‘Hitchhiker’s Guide to the Galaxy’ and in 1970’s British sitcom ‘Dad’s ...
Withering supply of European high yield
Comparing the ‘year-to-April’ data across years, 2022’s high yield issuance looks more like the post-financial crisis period than most years in between. Data from ...
How does the collapse of refinancing affect bond trading?
It costs more to borrow money in the US right now, than it has for a long time. Even more so for companies in the high yield (HY) realm of credit ratings. According to ...
Value and issuance in European credit
Outflows in European bond funds are following a drop in the relative value of European credit, as shown in data from the IHS Markit indices business, iBoxx. Asset ...
Will primary market tools fragment new issuance instead of standardising it?
Research by The DESK has found that buy-side traders have adopted a range of primary market tools to help them increase their efficiency at processing new bond issues. ...
How the effects of war are spreading in Asia
The war in Ukraine outside of Europe is, from a capital markets perspective, driving a ‘risk-off’ attitude across issuers, buy-side and sell-side firms. As previously ...
The effect of war on pricing and spreads is widening
The economic effect of the Russian invasion of Ukraine needs to be put in context next to the human tragedy, but data is showing us the effect on the flow of capital; it ...
Emerging markets’ big issues in 2022
According to analysis by CreditSights, there has been a negative total return for credit in emerging markets with the exception of Gulf Cooperation Council countries, ...
