European high-yield bond sales have reached almost 10 billion euros ($11 billion) in November, the busiest month on record, according to data compiled by Bloomberg. In U.S. high yield, the market is on track for its busiest month in more than two years. For U.S. investment-grade sales, issuance this month is on track to be up about 40% from the same period last year.

The strong market allowed Mattel, a toymaker, to sell $600 million of bonds to refinance debt on Nov. 18, after a whistleblower complaint forced it to yank a smaller debt sale in August. Jaguar Land Rover Automotive, Britain’s biggest automaker, returned with a bond sale after stepping back in February.

Companies are looking to take advantage of one of the last opportunities they’ll have to sell debt this year before next week’s U.S. Thanksgiving holiday and the December slowdown. Borrowing now represents a chance to lock in super-low debt costs before simmering risks such as Brexit and trade wars...

Press Contacts

Susan Bennett+44 7787 666432Susan.Bennett@tradeweb.com

Angeliki Kallipoliti +44 7824 327073Angeliki.Kallipoliti@tradeweb.com

LONDON – November 21, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the launch of portfolio trading for European Credit bonds, just ten months after successfully introducing the functionality for U.S. Credit bonds. So far, Tradeweb has seen portfolio trading activity exceed $29 billion*, with single trades as large as $1 billion in notional value. Currently, Tradeweb facilitates portfolio trading for European, U.S. Investment Grade, U.S. High Yield, and Emerging Markets bonds.

“Our portfolio trading functionality showcases Tradeweb’s unique ability to connect innovative technology with deep pools of liquidity to create greater efficiency for our clients,” said...

By Börsen-Zeitung, 8 November 2019

Lee Olesky is optimistic about the future of Tradeweb: the CEO of the trading platform operator that went public in April thinks that the electronification will continue to advance in the coming years. Mr. Olesky, your company carried out an IPO in April. What made you decide to go public?

I have been with the company since the 1990s. After significant growth, it had reached a size where the IPO was the right decision. We want to maintain our growth strategy. The basic factors of our business are technology, our clients, and our employees. We need a currency to reward and keep our best employees. Particularly in a technology-driven business like ours, it is increasingly important to attract and retain talent. We are globally positioned, with a headcount of about 1,000. The daily trading volumes on our platforms are in excess of USD 700 billion.

What are the priorities of your growth strategy?

Trading...

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.EUROPEAN-LISTED ETFsTotal traded volumeThe Tradeweb European-listed ETF marketplace saw total traded volume reach EUR 29.4 billion in October. Nearly 77% of transactions were processed via Tradeweb’s Automated Intelligent Execution tool (AiEX).Adriano Pace, head of equities (Europe) at Tradeweb, said: “Trading activity in European ETFs remained strong in October amid ongoing uncertainty around Brexit and the outcome of the UK election in December. The number of automated tickets continues to rise on the platform, as our clients become increasingly comfortable using AiEX to streamline their ETF trading workflows.”Volume breakdownDuring October, ‘buys’ mirrored ‘sells’ in fixed income ETFs, while their equity- and commodity-based counterparts both saw net buying. European equity products were strongly bought and...

Slowly but surely, change is coming to municipal bond trading.

For brokers, tech providers and trade-venue operators seeking to modernize transactions, the $3.8 trillion muni-bond market has all the challenges, in spades — small issue size, little standardization, and a highly dispersed network of buyers and sellers. When a local savings and loan needs to buy a municipal bond backing a toll road on behalf of a wealth management client, the S&L representative historically has picked up the phone to do so.

Electronic trading has gained traction in government and corporate bonds, so technology providers and trading-platform operators are looking to export advances in those markets to their fixed income cousin. It is expected to be a long path with incremental gains, very much an evolution rather than a revolution.

“It’s not going to be an overnight change where all the tools and protocols that happen over voice will appear on a platform...

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Global sovereign bond yields rose for the second straight month in October amid mixed economic data. A notable exception to the widespread sell-off was Greece, whose 10-year government bond mid-yield dropped 23 basis points to 1.04%. The Greek economy is expected to grow by 2.1% in 2019, while the country recorded positive manufacturing activity in September.

Conversely, the yield on the 10-year French and German benchmark notes rose by 18.5 and 17.5 basis points to close the month at -0.10% and -0.40%, respectively. October’s manufacturing index data from IHS Markit showed a reading of 50.7 for France and 42.1 for Germany, slightly up from September’s respective 50.1 and 41.7. However, Germany’s Economy Ministry said it anticipated a slight contraction in Q3 as seen in Q2, otherwise known as a technical recession.

On October 24, departing ECB president Mario Draghi announced that the central bank would leave its forward...

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