“THIS YEAR HAS been the nirvana for fixed-income trading,” says Iain Baillie, head of Christopher Street Capital, a credit agency broker in London. “You’ve had a rally in credit assets across the board, a limited amount of liquidity, and a wide bid-offer.”
With a taxpayer-funded stimulus priming its engine, fixed income has been brought back to life. Primary debt markets have been resurgent, surpassing all previous records for new issuance in Europe. Secondary markets, which ground to a halt in the dislocation of 2008, are returning to pre-crisis volume levels, at wider bid-offer spreads.
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