Bond articles

  • Junk Bond Market Freeze To End With First HY Bond Sale In 2 Months

    One month ago we reported that the junk bond market had effectively frozen as a result of surging spreads, or as the FT put it "ground to a halt", because for the first time since November 2008, not a single high-yield bond had priced in the market in the past 30 days. Today, the Wall Street Journal picked up on this, reporting that "December was the first month since 2008 without a junk-bond sale." In fact, the market had gone for a whopping 40 days without a sale, the longest stretch in data...


  • 'The boom in new corporate bond trading platforms is over': There could be a wave of M&A in the bond trading business

    Corporate bond trading platforms are going to face consolidation over the next 18 months, according to a recent report from research firm Greenwich Associates.

    Kevin McPartland, the head of research for market structure and technology at Greenwich Associates and the author of the report, said mergers and acquisitions among the platforms should be expected. 

    The herd is about to be thinned. 

    A new report by financial research firm Greenwich Associates predicts a consolidation of US corporate...


  • "Buy Bonds And Chill"

    Via Pervalle,

    Below is a piece we put together about a month ago that was sent around to our network. Given recent market action and the thesis still largely playing out, we decided to share it, which we are likely to do more of in the future. If you like the work below, feel free to subscribe to our mailing list at the bottom of the page.

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    The probabilities of US rates falling materially over the next six to eight months are the highest of the cycle. While global equities and...