Bonds and swaps struggled in virus volatility

Low liquidity and wider spreads amplified by remote working, traders claim

Covid-19-volatility montage

As collapsing oil and stock prices caught the world’s attention on March 9, rates markets were hit by a liquidity shortage that left traders groping for the right comparison.

The head of European rates at one US bank said conditions were “worse than in the financial crisis”. A senior rates trader at a European bank said trading was “as bad as when Greece was looking to drop out of the euro – maybe even worse”.

Worryingly for markets that are bracing for further bouts of volatility, traders

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