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.

Divergences between market prices and NAVs were particularly notable in fixed income ETPs. Changes to fixed income market structure may reduce transaction costs and lessen the severity of premiums/discounts in fixed income ETPs during future periods of volatility. Discussion at the May 27, 2020, AMAC meeting focused on four potential changes to fixed income market structure that could enhance transparency and price discovery in fixed income markets

“Fed Chair Jerome Powell testified in June that ‘the intended beneficiaries of all of our programs are workers,’” the committee staff said in the analysis. “However, the Select Subcommittee’s analysis indicates that many large layoffs have occurred among the companies whose bonds were purchased by the Fed, suggesting that the primary beneficiaries of the program have been corporate executives and investors, not workers.”

The Federal Reserve committed Wednesday to do more to help the US economic recovery, promising more asset purchases and lower interest rates for even longer than it previously expected.

MarketAxess is well positioned for this role in view of the rapid growth in Open Trading, its global, all-to-all market that has proved an essential source of liquidity during the recent period of credit market stress. With its Eligible Seller designation, MarketAxess provides end investors and broker-dealers the opportunity to use Open Trading to respond directly and anonymously to the Fed’s requests to purchase bonds.