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.

Credit trading survey 2011: Elite trio breaks away from the pack

Euromoney’s inaugural credit survey confirms the broad market power of three elite fixed-income houses, and points to a widening gulf between the haves and have-nots of the global credit markets. Joti Mangat reports.

CREDIT TRADING IGNITED the investment banking recovery in the US in 2010, after several banks reported record profitability in underwriting and trading markets. While volatility should be good for dealers because it means better margins, volatility of the protracted, violent kind tends to expose opportunistic or short-term players. The period covered by the inaugural Euromoney credit survey is likely to be remembered as the year that the eurozone denied its systemic debt crisis, with regrettable results for bond yields, CDS spreads and risk appetite in general. With the prospect of Greek default, eurozone contagion and existential angst for the single currency on everyone’s minds, the time had come to separate the men from the boys.

The results of Euromoney’s first credit survey reveal the winners and losers of the first round of Europe’s own credit crisis, and they are the same three banks that triumphed in the rates survey in March. Rates leaders Barclays Capital, Deutsche Bank and JPMorgan are also the biggest dealers in the credit world.

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