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Unprecedented AI infrastructure spending has driven hyperscaler bond issuance to record levels, normalizing once-superior liquidity metrics as dealers adopt a more selective trading posture.
The long end of the US investment grade curve is quietly transforming. Curve steepening has created attractive yields while liquidity has dramatically improved—RFQ responses have nearly doubled and spreads have tightened significantly. With enhanced tools and deeper markets, long-duration trading is more accessible than ever.
In our Portfolio Trading vs RFQ List White Paper, we found that PT provides superior execution outcomes for illiquid bonds, particularly when these lower-liquidity instruments are included in well-balanced baskets compared to traditional RFQ list methods. In this AxessPoint, research confirms that PT serves as an effective price discovery mechanism for US IG and HY bonds, with traders leveraging the protocol to access bonds they would otherwise have little opportunity to trade.
Private banks face a complex trading landscape with tight regulations and demanding clients. Axess IQ revolutionizes trading by combining liquidity, data, and efficiency features into an intuitive EMS. It supports the 'US HG on Price' protocol, allowing traders to handle cash price limits with precision and execute trades faster. The ASAP Protocol further enhances bond trading speed and efficiency, providing direct access to deeper liquidity pools and offering more competitive pricing.
Algorithms command a significant and growing share of trading volume in the largest market segments, while rapidly expanding into the HY space (both US and EUR). This rise has been fueled in part by the growth of the electronic bond market and by the increasing availability and depth of data from platforms, allowing dealers to continuously refine pricing and liquidity‐prediction models. It is becoming clear that algos are dominating the liquidity pool and will continue to increase in importance.
USHG ASAP Price protocol is primarily used by Private Banks and Wealth Management execution desks across various order sizes. We observe strong liquidity and favorable execution outcomes for odd-lot and retail-sized orders within this protocol. Especially smaller orders below 150K benefit from deep liquidity and faster execution.
This AxessPoint, Blockbusting Part 4, provides an update on the liquidity profile of block-sized trades on MarketAxess, with a specific focus on the $5mm-$10mm segment in US High Grade (blocks) for maturities over 5 years. In response to client inquiries and driven by the record trade volume in t...
Highlights:The unique position of MarketAxess as a leading electronic trading platform allows CP+ to leverage insights from both trades and non-traded inquiries.Our analysis reveals that on-platform trades are more reliable inputs for CP+ than off-platform trades and that even inquiries that Did ...