Corporate bonds
CCP stress tests need improvement, argues new research
Existing data could inform greater number of stress scenarios and create system-wide test
Rising rates hit Chubb's portfolio
US insurer posts $1 billion in realised and unrealised losses
US dealers agree to disclose corporate bond quotes
Market to get pre-trade transparency but big dealers remain on the sidelines
Debt, information asymmetry and bankers on board
This paper contributes to the financial networks literature by providing evidence that well-connected bankers on the boards of directors of nonfinancial firms reduce information asymmetry between credit markets and firms.
Rising yields prompt China banks to up loan-loss coverage
Domestic and foreign lenders reassessing loan books and tweaking hedging strategies
Only 1% of bonds caught in first wave of Mifid transparency
Trax estimates 5% of corporate bonds will be subject to full transparency after four-year phase-in
Buy-side firms doubt SEC initiative will fix bond markets
Despite increased electronic trading, liquidity worsening in some corporate bonds
Liquidity snarls progress on factor investing in credit
Asset managers are re-engineering strategies borrowed from equity to fit practicalities of trading bonds
E-trading boosts mid-tier banks in rates and credit
New technology helps Natixis and Mizuho compete with major dealers in swaps and bonds
FRTB threatens Canadian bond market, dealers say
Modelling the risk factors of Canadian corporate debt is “almost impossible”
New data and AI tipped to transform trading businesses
Isda AGM: New BNP Paribas system already creating counterparty trading probabilities for bonds
US lawmakers divided over Volcker rule’s impact on bond liquidity
Both sides cite Fed data to support their interpretations of prop trading ban
EC: regulators could adapt rules to protect bond liquidity
Official recognises regulatory hit to corporate bond and repo markets, but rejects Mifid delay
Don’t keep up with the Kardashians
Dealers may have gifted the buy side an information edge
Pricing in the dark: how dealers lost their information edge
Asset managers may have an information advantage over dealers in bond pricing
SEC’s White ‘deeply concerned’ about bond market illiquidity
Agency to publish report on regulation and market liquidity in May 2017
Brokers woo new clients, try not to upset old ones
Broker rankings 2016: Swaps market still bifurcated, but boundaries are blurring
Opened interest: foreign firms eye China's rate swap market
However regulatory and operational challenges set to slow growth
MarketAxess to offer cut-price dark pool liquidity
High-yield bond block trades could be 100bp cheaper on new platform, says executive
Buy side is the barrier to all-to-all credit trading, says AB chief
Switzer calls current pre-trade transparency technology "awful"
Interdealer brokers embrace buy side as bank dominance slips
Tradeweb considers integrating interdealer and client liquidity pools
Basel plans modelling curb for billions in credit RWAs
Proposals clamp down on IRB approach that is “usually gamed pretty easily”, says FDIC’s Hoenig