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David Krein

Head of Research

Measuring the Impact of US Investment Grade New Issues on TRACE Volume

The last few years have proven to be momentous on the US Investment Grade new issue calendar, and 2016 is positioning likely to be the biggest yet. The latest data through September 30 indicates that this market is on track for $1.7T in new issue volume, which would make it the 7th consecutive year of growth and double that of 2010’s $850B new issue volume.

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David Krein

Head of Research

Trade frequency: More ways this isn't your father's bond market

After several years of record-low interest rates and an unprecedented wave of issuance, today's bond market is unlike anything that has come before it. We've ballooned to over $8 trillion in U.S. high grade and high yield corporate bond debt outstanding while pushing overall bond market turnover to an all-time low during the same period.

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David Krein

Head of Research

VIDEO: Sector and Specialty Bid-Ask Spread Indexes (BASI)™

Last year, we launched 8 new Sector and Specialty BASIs (Bid Ask Spread Indexes), which look at specific sub-groups within our US High Grade TRACE BASI. These tailored views on markets such as Financials and New Issues provide investors with greater insight into the trading costs that are specific to their activity.

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David Krein

Head of Research

VIDEO: Liquidity Concentration in Corporate Bond Markets

In this video, I explore the impact of strong corporate bond issuance over the past several years, which has led to a dramatic increase in the number of CUSIPS available to investors. As a result the number of CUSIPS actively traded each month has increased by about 50% in the last 5 years. This has led to a decline in the concentration of trading activity.

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