The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Voice data could transform AI-driven bond trading algorithms

IPC and Overbond aim to feed bond algos with voice trade conversations as structured data. They will then apply them to riskier and less liquid debt.


In July, just nine US high-yield issuers with $19 billion of bonds outstanding were downgraded by the rating agencies, the lowest number in any month since December 2018. Indeed, July was the seventh consecutive month in which upgrades – comprising $33.4 billion of bonds from 30 issuers – outpaced downgrades. And while 111 US corporations with $132 billion of high-yield bonds outstanding have been downgraded so far this year, almost two and half times as many have gone the other way.

The agencies have improved ratings on 256 US companies with $344 billion of high-yield bonds outstanding.

Chris Holman, portfolio manager at TwentyFour Asset Management, points out that the US high-yield default rate has declined by 559bp this year to just 1.17% and is on track to rest below 1% by the end of 2021, while distressed bonds today account for just 0.18% of the US high-yield market, the lowest level since 2011.

Chris Holman_400x225.jpg
Chris Holman, TwentyFour Asset Management

When spreads backed up by 40bp recently on fears of the Delta variant of Covid-19, some investors saw that as an invitation to put risk on.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree