The corporate bond market in Europe, which for this research includes bonds issued by European and U.K.-based corporate issuers, saw $11 billion in notional volume traded each day on average in the first half of 2023.
Coalition Greenwich data, based on interviews with 137 Europe and U.K.-based investors trading/investing in European corporate bonds, showed that 62% of investment-grade and 49% of high-yield corporate bonds in notional terms were traded electronically.
By this relative measure, corporate bond markets in Europe are the most electronic bond markets in the world.
MethodologyThe Coalition Greenwich Voice of Client – 2022 European Fixed-Income Investors Study was conducted in the second half of 2022. The study is based on interviews with Europe and U.K.-based buy-side traders and portfolio managers trading investment-grade and high-yield corporate bonds. Market share estimates are based on data from Greenwich MarketView, which combines publicly reported volume information with Coalition Greenwich primary research.