Sovereign bonds top choice for IM collateral

- By Joshua Walker
- 10 Jul 2023

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The share of initial margin (IM) held by top clearing houses in the form of bonds rose in the first quarter to the highest level since 2020, Risk Quantum analysis of 15 clearing services shows.

At $559 billion, bonds made up 54.9% of total held IM at end-March – a five percentage-point increase compared with Q4 2022.

Domestic government debt made up 20.4% and foreign 29.9%. The remainder was split between agency, municipal and corporate bonds.

The increase was driven mostly by domestic

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