Government bonds
BoE backs away from mandatory gilt clearing
Discussions with industry shift to portfolio-based repo haircuts and ways to encourage voluntary clearing
Chain reaction: can the UK drive demand for digital gilts?
Market will need regulatory clarity, fungibility with traditional issuance and interoperable protocols
China opens door to CGBs as initial margin
CCDC’s new rules expected to drive use of CGBs as collateral in non-cleared and cross-border trades
EBA’s repack answers leave dealers guessing
Spire dealers are split – some see worst-case scenario, others assume gentler treatment
How electronic quoting could jolt gilts back to life
While UK government bond market stagnates, Italy boosts on-venue trading with dealer incentives. Should London take a leaf from Rome’s bookrunners?
Offshore CGB futures still wanted as onshore opens to QFIs
Cash-settled HKEX contracts still in demand despite easing of onshore access
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
JGB basis trade throws off the shackles
Japan’s cash-futures arbitrage on the rise despite Iran volatility and BoJ-driven bond scarcity
For collateral, can TINA become TIA?
US Treasuries’ dominance as collateral in repo and derivatives is no longer set in stone, argues economist
Offshore bonds to give China lifers a yield lifeline
Expansion of Bond Connect scheme will provide higher yielding assets for life insurers, and may ease concerns over asset-liability management
Italy’s spread problem is not (always) a credit story
Occasional doubts over Italy’s role in the monetary union adds political risk premium, argues economist
Banks eye cost cuts ahead of RateStream Treasuries push
FX SpotStream’s move into rates seen as both fee-saver and potential boost to streaming execution
FXSpotStream expands into US Treasuries trading
Bank-owned streaming venue targets mid-year launch, offering “all you can eat” subscription fees
How Australia’s inflation overhaul could lure global traders
Australia’s move to monthly inflation reporting set to revitalise local inflation-linked bond and swap markets
MTS eyes 2027 launch for dealer-to-client swaps trading
Plans for US Sef licence could address missing piece in defunct WeMatch swaps tie-up
Allocating financing costs: centralised vs decentralised treasury
Centralisation can boost efficiency when coupled with an effective pricing and attribution framework
Credit spread risk: the cryptic peril on bank balance sheets
Some bankers fear EU regulatory push on CSRBB has done little to improve risk management
Playing the yield: rates rev up structured products
Higher government bond yields and steeper forward curves fuel demand for new range of fixed income structures
Talking Heads 2025: Who will buy Trump’s big, beautiful bonds?
Treasury issuance and hedge fund risks vex macro heavyweights
No quick fix for Treasury issuance surge – fixed income experts
Market’s ability to absorb additional $3.4trn of notes is keeping senior regulator “up at night”
Goldman’s Houghton on Asia’s watchful bondholders
Talking Heads 2025: Fed independence and debt concerns could fuel new moves away from US debt, says Apac Ficc co-head