February 2002
Coredeal offers great white hope
Trading systems
The launch of Coredeal MTS may be seen by its founders and
the banks that part-own it as the great white hope of liquidity and
transparency in the European corporate bond market, but at the
moment, its function is very limited.
The platform says it will offer two-way pricing on each of the
corporates listed from at least five market-makers on tickets of
e10 million. But at the moment, only euro-denominated transactions
over e3 billion in size with two years remaining to maturity
qualify for the platform, which means there are fewer than 10
companies listed on it (see chart) and GMAC and Ford are the only
non-telco credits involved. The argument goes that smaller deals
would not offer enough liquidity for market-makers to be able to
make a commitment. But this means that to begin with at least, the
platform can only aim to enhance liquidity in the telecoms sector,
which is the largest and...
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