PIMCO Boosts Cash Ahead of Longer-Term Credit Pain – Bloomberg Radio
December 13, 2018 \
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Full Article: Bloomberg Radio
Dan Ivascyn, Chief Investment Officer of PIMCO overseeing $1.7 trillion in assets, and manager of the world’s biggest actively-managed bond fund, discusses everything from leveraged loans to Brexit to emerging markets
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NASDAQ Launches US Corporate Bond Exchange – NASDAQ.com
Nasdaq today announced it launched a Corporate Bond exchange for listing and trading of corporate bonds. The Securities and Exchange Commission approved this exchange on November 13, 2018.
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Credit Set for Worst Year Since 2008 as Crashes Roil Market – Bloomberg
Credit markets are set for the worst year since the global financial crisis as investors abandon hope of a late-2018 rally.
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Swelling Corporate Debt Piles Are Now Global Fund Managers’ Major Concern – Business Insider
Around one quarter, 24%, of investors expect corporate bonds to be the worst performing asset class in 2019.
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Call for Regulatory Reform of Primary Markets – The Desk
“There is little or no transparency on how allocations are derived. Regulators have been focused on best execution, but they should have also looked at the transparency of the allocation process because it is not clear, fair or efficient,” said Cathy Gibson, head of fixed income trading at Royal London Asset Management.
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Evolution of the BuySide Fixed Income EMS – GreySpark
This article – which is the first of a series of three produced by GreySpark Partners analyst Willis Bruckermann on behalf of AxeTrading – examines how buyside fixed income market participants are, in 2018, approaching a sink-or-swim moment in their embrace of e-trading capabilities and, consequently, succeeding or failing to develop an ability to survive in an increasingly competitive landscape.
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Tradeweb IPO Being Considered, Says Owner – Financial News
“The IPO discussion is an option. We haven’t committed to it but it certainly is an option. The governance of Tradeweb was designed seven years ago with banks who at the time [were] all very active in fixed income. It wouldn’t be breaking any top secrets to say that they’re not all as involved in fixed income as they used to be.”
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Uber Borrows $2 Billion in Debut Bond Sale – WSJ
Uber Technologies Inc. sold its first-ever bonds late Wednesday, issuing $2 billion of debt to fund operations as it prepares for an initial public stock offering expected next year. The deal attracted enough interest from investors for underwriter Morgan Stanley to increase the size of the offering from an initial proposal of $1.5 billion.
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Fixed Income is About Moving Not Storage – BondWave
The feedback I have heard from a few head fixed income traders lately is that they no longer get paid to execute with the street (i.e. manage inventory). Instead their priority is to fill customer orders. Moving, not storage. The idea that a trader might identify a “cheap” bond, take it into inventory, then try to find a home for it with a customer, but failing that, be able to sell it back to the street at “fair value” on some future date is becoming an antiquated notion.
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Experts: Fixed Income Markets Have Room for Growth in Electronic Trading – Smart Brief
Stephen Laipply, managing director and head of US iShares fixed income strategy at BlackRock, said that handling larger trades electronically “has yet to be solved.”
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