Pressures weighing on secondary

摘要

Last week was characterised by low volumes, limited liquidity and worsening pressure on certain periphery exposures. Core European products, meanwhile, remained reasonably well insulated from broader market volatility. A trader said that more bonds were failing to trade from bid lists and that the detail provided by sellers on some lists was sketchy. For instance, the covers on some trades were simply shown as "traded", with the sellers declining to even given an indication as to where the sale may have taken place. Some argued this was the seller's prerogative, but others said it did nothing to improve transparency in the market.