Tag: corporate bonds

Understanding The US Bond Market

The $41 trillion U.S. bond market allows corporations to grow, governments to finance themselves efficiently, investors to gain fixed returns with lower risk, communities to build infrastructure, young families to buy houses, and you to buy your cup of coffee in the morning.  Understanding exactly what the bond market is, where it came from and where it […]

A good user experience still matters to bond investors

Below is the press release from my most recent Greenwich Report on the corporate bond market.  As the title implies, the buy side is starting to get used to the way things are – they like all-to-all, but they also want a good user experience from the platform providers. Liquidity isn’t Improving but Credit Investors […]

Price Makers and Market Makers are Not the Same

My latest Greenwich Research found that investors have seen a decline in dealer sourced liquidity, and that they’re concerned about it. It also found that more than expected are making prices in the bond market. It is very important to note, however, that price making is very different from market making. I explain in detail […]

Yellen, Bond Liquidity and Why Sales Traders Matter with Bloomberg TV

This was my first time chatting with Betty Liu at Bloomberg TV, which I really enjoyed. We discussed why the Fed shouldn’t hyper focus on short term market volatility, how bond market liquidity has changed but a crisis isn’t likely, and last but not least how relationships still matter even in this era of electronic […]

US Treasuries are trading electronically, but we still need bond traders

I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and […]

Changes in U.S. Corporate Bond Market: Evolution, not Revolution

I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms.  But as […]

North American Fixed Income Update: E-Trading and Too Big To Fail

This week we will begin to release the results of our annually North American Fixed Income study, based on just shy of 1100 investors trading fixed income products, looking across 18 different product types.  I will be presenting an overview of our initial findings on August 7 (Thursday) at 11a ET, and discuss where we will be digging […]

ETFs as part of the credit liquidity story

Liquidity in the corporate bond market is tough.  We’ve written about it time and time again.  At a high level we see two solutions.  One, inject new electronic trading tools and liquidity providers into the existing corporate bond market to better match buyers and sellers (a theme discussed in our 2014 European Fixed Income Study).  Two, […]

The US Invasion of European Fixed Income

Capital is expensive and getting more expensive.  But the problem is proving a much harder one to manage in Europe, with European banks continuing to deleverage and already complying with the principles of Basel III while US banks have their capital houses (relatively) in order.  The impact of this dichotomy is broad, but one impact […]