A $3 Trillion Credit Market Has Corporate Bond Investors on Edge – Bloomberg
April 27, 2018 \
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Full Article: Bloomberg
The concern is that as rates rise it will cost companies more to roll over their obligations, and if earnings begin to slump as economic growth slows, that could blow out leverage ratios and lead to credit-rating cuts.
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Fixed Income 2018: Goals and Challenges for the Front Office – Fixed Income Leaders Summit
In Q4 of 2017, SimCorp commissioned WBR to conduct a survey of 100 front-office fixed-income professionals including traders, heads of desks, and portfolio managers. The survey focused on strategic priorities for 2018 and the operational challenges faced by fixed-income managers and was conducted by appointment over the telephone.
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FIMSAC Proposal to Delay Reporting of Block Trades to Increase Liquidity – SEC FI Market Structure Advisory Committee
The Subcommittee developed the concept for a pilot to study an alternative approach that would raise the dissemination caps and modify the dissemination time frames for trades above the caps. The recommended pilot design supported by a majority of the Subcommittee is outlined below
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New Fixed Income Committee Sees Pushback on Structural Approach to Resolving Credit Market Challenges – The Desk
Former Commissioner Mary Jo White had said during the planning phase for the committee in 2016, that it would be established to address disruptive trading practices, amongst other areas. Appetite for immediate action is likely to be tempered by the regulatory climate, with a move to reduce not increase regulation, and a clear need to understand the complexities.
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CME Group’s Deal With NEX to Greatly Boost its Fixed Income and FX Business – Finance Magnates
The deal is set to reshape the global fixed income market and significantly boost CME’s involvement in FX with the crown jewel of the deal: BrokerTec.
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Less is More in Bond Market As Technology Eases Smaller Trades – Bloomberg Quint
Electronic-trading technology has matured to the point that about three-quarters of credit investors say they can easily buy or sell orders up to $5 million, according to research by Greenwich Associates. That compares with about one third in 2016, the financial-services consulting firm’s report showed.
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Big Tech Firms Are Behaving Like Big Banks – Bloomberg Gadfly
Picture a bank that lends $1 billion to small businesses in 12 months, holds $150 billion in corporate bonds, runs the world’s largest money-market fund, offers mobile payments and credit cards, and gives customers cash balances that can be topped up across thousands of homely bricks-and-mortar outlets. Except it’s not really a bank at all, but a technology firm.
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OpenFin to Foster Connectivity Across Capital Markets Desktops – Finextra
A newly formed group of major finance industry players announced today that they have joined an OpenFin-led initiative to bring universal connectivity and standards to all of the financial industry’s desktop applications.
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Advanced Software Use Could Save Wall Street $1.5B Per – Traders
One of the greatest, and perhaps most overlooked, innovations of the past 10 years has been the way mobile operating systems enable software deployment and consumption. Android and iOS operating systems, for example, have created a framework that allows third-party development teams to easily build, deploy and update their software applications.
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US Companies Might Be Liquidating Their Off-shore Bond Hoards – FT Alphaville
So far this month, spreads on banks’ two-year bonds have widened by more than 15 basis points, according to Bank of America Merrill Lynch. For all US corporate debt maturing in 1-3 years (which includes bank bonds), spreads have widened 8bps, according to BofAML ICE’s index.
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