Calling a bank's credit trading desk used to be a bit like shopping at Harrods: they could sell you anything, any time. Nowadays, it is more like browsing Craigslist. Bonds are offered at random times and pricing is arbitrary, making it much trickier to get what you want.
"Liquidity is getting harder than ever to access," says Tim Morbelli, vice-president of credit trading at AllianceBernstein in New York. "We see times when there is a lot of trading activity and times when there is absolutely n