The tale of Gary Gensler’s transformation has always been remarkable. He went from being one of the youngest partners in the history of Goldman Sachs Group Inc. to becoming a favorite of progressive Democrats as a financial regulator during the Obama administration. Now, it’s about to add another chapter and Wall Street is very worried.

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Blackstone is just one of many investors embracing the quant strategies in bond markets, which has been relatively slow to adapt to the new algorithm-driven reality compared to equity markets. Big managers like Renaissance Technologies, Point72, and Millennium began building up teams over the last couple of years

“I assert, currently, you are not getting paid for credit risk and this is certainly a major consideration when you look at your portfolios,” Mark Grant, chief global strategist, fixed income, at B. Riley Financial, similarly writes in his Out of the Box client note. This bond-market veteran puts the blame on the Federal Reserve and other central banks for creating a “borrower’s paradise” and “fixed-income investor’s hell” by holding interest rates down, in part to help finance massive fiscal deficits.

The concerns follow a flurry of new technologies from New York to Hong Kong trying to drag the process of placing bonds into the 21st century. There are now at least 35 different systems for new bond deals across the globe, up from 22 in 2018, according to data from the International Capital Market Association.

From Boeing Co., Carnival Corp. and Delta Air Lines Inc. to Exxon Mobil Corp. and Macy’s Inc., many of the nation’s most iconic companies aren’t earning enough to cover their interest expenses (a key criterion, as most market experts define it, for zombie status).

Borrowing costs for investment-grade companies in the eurozone have fallen below their counterparts in Japan to the lowest in the world as the damaging economic impact of a second spike in COVID-19 cases on the continent is expected to be countered by increased monetary stimulus by the European Central Bank.

Bankers and investors still need to haggle over the ultimate size and price of Boeing’s BA, +0.10% new debt financing, but order books for the transaction already have reached about $12 billion on what could end up being at least a $4 billion pile of fresh corporate debt, according to an investor monitoring the transaction.

We’re in an environment where the large asset managers have a lot of data and smaller players don’t and essentially when there are times of market stress, certain market participants are able to take advantage of other market participants.

The Fixed Income Market Structure Advisory Committee proposed the SEC adopt new reporting standards aimed at improving transparency and helping traders decide which electronic marketplaces to frequent.