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Executive Summary

This report provides detailed information from European-based investors investing in High-Yield Credit, including helpful benchmark data such as:

  • Dealer rankings
  • Trading volume
  • Assets under management
  • Product usage information

Graphic slides include:

  • Total Trading Volume – Distribution by Type of Investor 
  • Total Trading Volume – Distribution by Country-Region
  • Total Trading Volume – Cash Bonds vs. CDS-Index Products 
  • High-Yield Cash Bonds Trading Volume – New Issue vs. Secondary
  • Electronic Trading Activity – High-Yield Credit Bonds 
  • Most Important Factors When Requesting an Electronic Quote
  • Concentration of Business – High-Yield Credit Bonds 
  • Concentration of Business – High-Yield Index Products 
  • Value Provided By Dealers 
  • Reward for Research
  • Research Services Rewarded by Investors
  • Research Services Valued Most
  • Methods Used to Reward Dealers for Research
  • Most Important Factors in Choosing a Clearing Dealer for Credit Derivatives
  • Most Important Factors in Choosing a Clearing Dealer for Credit Derivatives, cont’d
  • Expected Impact of Clearing on Volume Allocation to Dealers
  • Key Success Factors – Sales-Relationship Management
  • Key Success Factors – Research
  • Key Success Factors – Market Making 
Methodology

Research is based on in-person and telephone interviews with 145 respondents between May and July, 2014. The data in this report is based upon aggregated results from individuals participating in the study.