Latest news with #Eurobonds
Yahoo
a day ago
- Business
- Yahoo
MarketAxess Announces Trading Volume Statistics for May 2025
44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV Record Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV NEW YORK, June 05, 2025--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for May 2025.1 Select May 2025 Highlights* (See tables 1-1C and table 2) The MarketAxess platform's strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading. We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May. Client-Initiated Strong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May. Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.7 billion and $2.7 billion, respectively, since launch. Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $28.3 billion with estimated market share of 2.6% in May. Portfolio Trading Year-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.2 90% of all portfolio trading ADV was executed over X-Pro in May. Dealer-Initiated Dealer-initiated ADV increased 41% to $1.8 billion. May 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix. Total credit FPM was flat month-over-month. The decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month. *All comparisons versus May 2024 unless noted. Table 1: MarketAxess ADV3 Month % Change May-25 Apr-25 May-24 YoY MoM MKTX ADV ($ millions) Credit U.S. High-Grade $ 7,649 $ 8,595 $ 6,122 25 % (11 ) % U.S. High-Yield 1,602 1,968 1,320 21 (19 ) Emerging Markets 3,615 4,273 3,074 18 (15 ) Eurobonds 2,870 2,785 2,274 26 3 Other Credit Products3 612 739 582 5 (17 ) Municipal Bonds 611 737 577 6 (17 ) Total MKTX Credit ADV $ 16,348 $ 18,360 $ 13,372 22 (11 ) Rates U.S. Government Bonds $ 28,293 $ 37,935 $ 18,072 57 % (25 ) % Agencies and Other Government Bonds 1,589 1,141 728 118 39 Total MKTX Rates ADV $ 29,882 $ 39,076 $ 18,800 59 (24 ) Total MKTX Trading ADV $ 46,230 $ 57,436 $ 32,172 44 (20 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1A: Market ADV Month % Change May-25 Apr-25 May-24 YoY MoM MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 39,652 $ 44,647 $ 32,864 21 % (11 ) % U.S. High-Yield TRACE 13,171 14,565 10,313 28 (10 ) Total U.S. Credit TRACE 52,823 59,212 43,177 22 (11 ) Municipal Bonds MSRB 10,306 15,427 7,123 45 (33 ) Rates U.S. Government Bonds TRACE $ 1,106,252 $ 1,354,981 $ 830,586 33 % (18 ) % Agency TRACE 4,032 4,064 2,982 35 (1 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1B: Estimated Market Share5 Month Bps Change May-25 Apr-25 May-24 YoY MoM MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)5 19.9% 19.4% 19.2% +70 bps +50 bps % of U.S. High-Grade TRACE (excl. SD PT)5 19.3% 19.3% 18.6% +70 bps – bps U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)5 12.4% 14.1% 13.1% (70) bps (170) bps % of U.S. High-Yield TRACE (excl. SD PT)5 12.2% 13.5% 12.8% (60) bps (130) bps Other Credit Products % of Municipal Bonds MSRB 5.9% 4.8% 8.1% (220) bps +110 bps Rates % of U.S. Government Bonds TRACE 2.6% 2.8% 2.2% +40 bps (20) bps Table 1C: Strategic Priorities ADV2 Month % Change May-25 Apr-25 May-24 YoY MoM STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,070 $ 3,751 $ 2,182 41 % (18 ) % Emerging Markets Block Trading 1,451 1,579 1,173 24 (8 ) Eurobonds Block Trading 637 497 294 116 28 Portfolio Trading Channel Total MKTX Portfolio Trading2 $ 1,455 $ 1,790 $ 853 71 % (19 ) % Total MKTX U.S. Credit Portfolio Trading2 1,014 1,441 734 38 (30 ) Total U.S. Credit TRACE Portfolio Trading2 6,041 7,349 4,164 45 (18 ) Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,781 $ 1,916 $ 1,260 41 % (7 ) % Other Open Trading $ 4,777 $ 5,739 $ 3,924 22 % (17 ) % AxessIQ 189 181 138 37 4 U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change May-25 Apr-25 May-24 YoY MoM AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 138 $ 138 $ 148 (7 ) % 0 % Total Rates 3.75 3.76 4.40 (15 ) (0 ) 1 The FPM for total credit and total rates for May 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE "flag," the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share. 3 "Other Credit Products" includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 5 "SD PT" is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company's website at Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess. Table 2: Trading Volume Detail Month Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 160,636 $ 7,649 $ 134,675 $ 6,122 19 % 25 % High-yield 33,636 1,602 29,044 1,320 16 21 Emerging markets 75,925 3,615 67,625 3,074 12 18 Eurobonds 54,538 2,870 45,471 2,274 20 26 Other credit 12,850 612 12,836 582 - 5 Total credit trading1 337,585 16,348 289,651 13,372 17 22 Rates U.S. government bonds2 594,163 28,293 397,586 18,072 49 57 Agency and other government bonds1 30,329 1,589 14,744 728 106 118 Total rates trading 624,492 29,882 412,330 18,800 51 59 Total trading $ 962,077 $ 46,230 $ 701,981 $ 32,172 37 44 Number of U.S. Trading Days3 21 22 Number of U.K. Trading Days4 19 20 Year-to-Date Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 802,448 $ 7,791 $ 735,624 $ 7,006 9 % 11 % High-yield 164,952 1,601 145,839 1,389 13 15 Emerging markets 405,938 3,941 363,206 3,459 12 14 Eurobonds 258,158 2,531 216,884 2,085 19 21 Other credit 64,848 630 49,097 467 32 35 Total credit trading1 1,696,344 16,494 1,510,650 14,406 12 14 Rates U.S. government bonds2 2,972,889 28,863 1,873,806 17,846 59 62 Agency and other government bonds1 119,090 1,167 61,582 591 93 97 Total rates trading 3,091,979 30,030 1,935,388 18,437 60 63 Total trading $ 4,788,323 $ 46,524 $ 3,446,038 $ 32,843 39 42 Number of U.S. Trading Days3 103 105 Number of U.K. Trading Days4 102 104 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. View source version on Contacts INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc.+1 212 813 6313sdavidson2@ MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc.+1 917 267 1232mmistry@ Sign in to access your portfolio
AFP
3 days ago
- Business
- AFP
Posts falsely claim Nigeria was 'debt-free' after settling IMF loans
'BREAKING NEWS!!! Good news- Nigeria is finally debt-free,' read the caption of a Facebook post published on May 16, 2025. Image Screenshot showing the false post, taken June 2, 2025 Nigerian President Bola Tinubu was pictured in the post alongside text that read, 'Nigeria is finally debt-free after paying $3.4 billion to the IMF'. In a statement to local newspapers on May 8, 2025, the IMF confirmed that Nigeria has fully repaid the $3.4 billion loan obtained under the so-called Rapid Financing Instrument to cushion the economic impact of the Covid-19 pandemic — later corroborated by the Nigerian government (archived here and here). An identical claim was shared hundreds of times on Facebook, including in Ghana and Pakistan. However, the settling of the IMF loan does not mean Nigeria is debt-free. Unpaid borrowings AFP Fact Check searched the DMO's website where Nigeria's public debt is disclosed and found that as of December 31, 2024, the nation had outstanding loans of more than $46 billion, excluding the $3.4 billion repaid to the IMF. According to a factsheet published by the DMO on April 4, 2025, the unpaid debt is held by 'multilateral, bilateral, and commercial' creditors. So-called multilaterals constitute the largest share with a total of $22.32 billion, just under half the total external debt (archived here). Key multilateral lenders include the World Bank Group – with the International Development Association (IDA) accounting for $16.56 billion and the International Bank for Reconstruction and Development (IBRD) $1.24 billion – and the African Development Bank Group, which collectively holds over $3 billion in Nigerian debt. Bilateral debts amount to $6.09 billion (13.30 percent of the total), with China's Exim Bank owed $5.06 billion. Other bilateral lenders include France's Agence Française de Développement, Japan's JICA, India's Exim Bank, and Germany's KfW. Commercial debt stands at $17.32 billion (37.83%), primarily from Eurobonds. Additionally, syndicated loans from institutions like Deutsche Bank AG contribute a smaller portion, totaling $54.87 million (0.12%). Meanwhile, Nigeria's debt pile may balloon should the country's legislature approve Tinubu's fresh $24.14 billion loan proposal. By the end of 2026, the West African nation may be wallowing in roughly $69.92 billion in loan servicing (archived here). AFP Fact Check previously debunked claims about Nigeria's relationship with the IMF here.
Yahoo
3 days ago
- Business
- Yahoo
Posts falsely claim Nigeria was 'debt-free' after settling IMF loans
'BREAKING NEWS!!! Good news- Nigeria is finally debt-free,' read the caption of a Facebook post published on May 16, 2025. Nigerian President Bola Tinubu was pictured in the post alongside text that read, 'Nigeria is finally debt-free after paying $3.4 billion to the IMF'. In a statement to local newspapers on May 8, 2025, the IMF confirmed that Nigeria has fully repaid the $3.4 billion loan obtained under the so-called Rapid Financing Instrument to cushion the economic impact of the Covid-19 pandemic — later corroborated by the Nigerian government (archived here and here). An identical claim was shared hundreds of times on Facebook, including in Ghana and Pakistan. However, the settling of the IMF loan does not mean Nigeria is debt-free. AFP Fact Check searched the DMO's website where Nigeria's public debt is disclosed and found that as of December 31, 2024, the nation had outstanding loans of more than $46 billion, excluding the $3.4 billion repaid to the IMF. According to a factsheet published by the DMO on April 4, 2025, the unpaid debt is held by 'multilateral, bilateral, and commercial' creditors. So-called multilaterals constitute the largest share with a total of $22.32 billion, just under half the total external debt (archived here). Key multilateral lenders include the World Bank Group – with the International Development Association (IDA) accounting for $16.56 billion and the International Bank for Reconstruction and Development (IBRD) $1.24 billion – and the African Development Bank Group, which collectively holds over $3 billion in Nigerian debt. Bilateral debts amount to $6.09 billion (13.30 percent of the total), with China's Exim Bank owed $5.06 billion. Other bilateral lenders include France's Agence Française de Développement, Japan's JICA, India's Exim Bank, and Germany's KfW. Commercial debt stands at $17.32 billion (37.83%), primarily from Eurobonds. Additionally, syndicated loans from institutions like Deutsche Bank AG contribute a smaller portion, totaling $54.87 million (0.12%). Meanwhile, Nigeria's debt pile may balloon should the country's legislature approve Tinubu's fresh $24.14 billion loan proposal. By the end of 2026, the West African nation may be wallowing in roughly $69.92 billion in loan servicing (archived here). AFP Fact Check previously debunked claims about Nigeria's relationship with the IMF here.
The Star
28-05-2025
- Business
- The Star
Kyrgyzstan places sovereign Eurobonds on international financial markets for first time
BISHKEK, May 28 (Xinhua) -- Kyrgyzstan has successfully completed its debut placement of sovereign Eurobonds on international financial markets in the amount of 700 million US dollars at 7.75 percent for a period of 5 years, the Kyrgyz Finance Ministry's press service said on Wednesday. Demand peaked at more than 2.1 billion US dollars. The final offering was three times oversubscribed. More than 100 international investors from the US, Europe, Asia and other countries took part in the placement, the report said. Kyrgyzstan considers the successful entry into the Eurobond market as an important step in strengthening the country's investment image, attracting long-term resources for the development of infrastructure, energy and increasing the sustainability of public finances, it said. The Finance Ministry said that the strong investor interest in Kyrgyzstan's bonds is a sign of growing confidence in the country's macroeconomic policy, the strength of its financial system and efforts by the president and government to ensure transparency and fiscal discipline and deepen international financial integration.
Ammon
21-05-2025
- Business
- Ammon
Public debt rises to JD35.08 billion in Q1 2025
Ammon News - The government debt reached JD35.080 billion by the end of March 2025, equivalent to 91.5 percent of the estimated GDP, excluding holdings by the Social Security Investment Fund (SSIF). This figure marks an increase from JD34.178 billion recorded at the end of 2024, or 90.2 percent of GDP, and includes liabilities from the National Electric Power Company and the Water Authority totaling around JD8.8 billion. According to the Ministry of Finance's monthly bulletin, the temporary rise in debt is primarily due to the government securing soft loans at "competitive" interest rates, which were deposited with the Central Bank of Jordan to repay Eurobonds maturing in June. The external public debt (budget and guaranteed), excluding SSIF's holdings, reached approximately JD19.6 billion by the end of March equivalent to 51.2 percent of GDP compared to JD19.335 billion at the end of 2024. Meanwhile, domestic debt stood at around JD15.4 billion, or 40.2 percent of GDP, up from JD14.8 billion (39.2 percent) at the close of last year. In terms of servicing external debt, interest payments in March amounted to JD24.4 million, while principal repayments reached JD56 million. On the fiscal performance front, total general revenues during the first quarter of 2025 amounted to JD2.163 billion, an increase of JD103 million (5 percent) compared to JD2.060 billion during the same period last year. Additionally, total government expenditures went up to JD2.7 billion from JD2.488 billion, marking a rise of JD212 million (8.5 percent). This increase was driven by higher current expenditures (up JD147 million or 6.2 percent) and a significant rise in capital expenditures (up JD65 million or 65.2 percent). These developments led to a fiscal deficit of JD537 million in the central government's budget after grants, compared to JD428.8 million during the first quarter of 2024. Before accounting for grants, the deficit reached JD540.4 million, up from JD478.3 million for the same period last year.
