The second quarter of 2023 was quite calm for corporate bond liquidity with transaction cost declining moderately across markets, for both investment-grade and high-yield bonds.

Corporate bond and bank loan liquidity improved the first half of Q1, but transaction costs increased rapidly during the March banking turmoil. Signs of recovery were observed near the end of the...

Transaction costs have been elevated for both corporate bonds and bank loans, while market depths across both asset classes have remained well below those observed during most of 2021.

Investment-grade bond transaction costs reached their highest levels since the March 2020 peak during the COVID-19 crisis and transaction costs for bank loans have increased steeply in the last...

Transaction costs have increased for corporate bonds (all regions), especially for high-yield. Transaction costs for bank loans have more than doubled since the start of Q2.

At the outset of the war liquidity deteriorated for bank loans and corporate bonds. Bank loan liquidity has improved, and corporate bonds rebounded across all regions, except for Eastern Europe.

Towards the end of 2021 a significant increase was observed in transaction costs for corporate bonds across all regions for both high-yield and investment-grade bonds.

For most of Q3 of 2021, transaction costs have remained fairly stable for corporate bonds.

Get Q2 2021 updates on select liquidity indicators in global markets with the latest quarterly MSCI Liquidity Risk Monitor Report.

Transaction costs for corporate bonds did not change significantly in May 2021, the bid-ask spreads and market impact have remained flat.

After the modest increase that was observed in March, corporate bond transaction costs have slightly decreased in April.

Bid-ask spreads and market impact costs have risen slightly for U.S. corporate bonds, as well as emerging markets corporate bonds over the past month.

Transaction costs for investment-grade and high-yield corporate bonds did not change significantly in February and remained stable across all regions.

After the year end peak, transaction costs decreased sharply for corporate bonds of developed countries, due to a significant decrease in the market impact cost component.

Transaction costs have increased sharply for non-U.S. developed countries, and especially for the U.K. towards the end of 2020, mainly due to a significant increase in the market impact component...

Transaction costs for high-yield corporate bonds in the U.S. and other developed countries saw a minor increase in the first half of November, but returned to October levels by the end of the month.

Transaction costs continued to decrease over the past month, and in non-U.S. developed countries and emerging markets they have closely approached the 2019 levels.

The monthly report highlights the trends of select liquidity risk indicators, involving U.S. and non-U.S. corporate bonds and bank loans liquidity and is designed to help you identify strategies...

The quoted-price dispersion has almost reached pre-crisis levels for both investment-grade and high-yield corporate bonds.

The market depth of U.S. bank loans has recovered close to levels seen before the COVID crisis…..

The bid-ask spread and market impact for corporate bonds did not change significantly for U.S. and other developed countries……

Breaking the trend observed for the last several weeks, the transaction costs have increased slightly for both U.S. and non-U.S. bank loans…

Transaction costs have not only decreased for corporate bonds in the U.S. and other developed markets, but also for bank loans across all regions….

Transaction costs for both investment-grade and high-yield U.S. corporate bonds have slightly increased over the past week…..

Transaction costs have continued to decrease for bank loans. The observed decrease in bid-ask spreads was sharper than in the previous weeks…

The quoted-price uncertainty has remained very high, and has shown no improvement over the last few weeks….

Transaction costs for bank loans have continued to slowly decrease since last week…

Transaction costs for both investment-grade and high-yield corporate bonds decreased further across all regions….

The recovery of liquidity indicators continued for corporate bonds across all regions…..

For U.S. corporate bonds, the bid-ask spreads and market impact have continued to decrease…

The slow improvement of corporate bond liquidity has continued across all regions….

Both bid-ask spread and market impact for investment-grade and high-yield corporate bonds have decreased since last week…

The recovery of corporate bonds, both investment-grade and high-yield, continued since last week…

Transaction costs for both investment-grade and high-yield corporate bonds have decreased further…

The deterioration of corporate bond liquidity has stopped since last week. Transaction costs…

Transaction costs for both investment-grade and high-yield corporate bonds have increased further…

The liquidity of both investment-grade and high-yield corporate bonds have deteriorated further…

Liquidity of corporate bonds has been deteriorating since late February 2020 due to COVID-19…