Fixed income portfolio trading sees rapid take-up

Tighter spreads and ease of execution spur European firms to trade baskets of bonds


Buy-side desks in Europe are increasingly trading bespoke packages of bonds as they seek improved pricing for sometimes illiquid securities. Dealers report fast growth in the activity.

“Twelve months ago, we were probably doing one portfolio a month. Now we are trading one a day. So it’s definitely evolved quickly,” said James Deighton, global head of investment grade credit trading at HSBC.

So-called portfolio trading allows investors to accumulate sizable positions in different bonds in one

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