Monthly Guide to the U.S. Retail Fixed Income Markets
Tradeweb Direct regularly publishes our own market commentary and analysis, including our monthly Market Transparency Report. The data and analysis contained in this monthly report are intended to provide transparency into the dynamics of the U.S. Fixed Income markets for retail investors. The report presents the important trends in the market, including trade volumes, most active issuers, yield/spread movements and buy/sell ratios. Retail trades are defined as odd-lot transactions under 100 bonds (i.e. less than $100,000 par value). The retail market is much smaller than the institutional market on a par value basis, but it accounts for more than 2/3 of the trades that occur in the marketplace.
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Agency: Agency median yield decreased -24bps, daily trading volume shifted -30.4%. Buy/Sell Ratio was 0.3 higher.
CD: Median CD yield reduced by -18bps, trading volume shifted -9.7%. Buy/Sell Ratio jumped 4.2.
Corporates: Corporate median yield was -81bps lower; daily trading volume increased by 1.1%. Buy/Sell Ratio was 0.2 higher.
Municipal: Median yield decreased -22bps; daily trade volume was -15.5% lower. Buy/Sell Ratio jumped 0.2.
Treasury: Median yield was -25bps lower with a -46.6% decrease in daily trade volume. Buy/Sell ratio increased 0.3.