Bonds are not out for summer.

Schools may be. And desks may be lighter, but month-end still arrives on schedule. Rebalancing, ETF-related activity, larger RFQs, risk transfer - it all needs to get done.

In July, IG liquidity held up where it counts:

• 43% Open Trading activity by trade count*
• 30% Open Trading by volume
• 10+ average responses
• 1.02 bps OTPI**

*Average in the month of July.
**Open Trading Price Improvement = the price difference between the best level and the next best disclosed dealer.

Month-end doesn't wait for anyone's OOO.