Fading credit liquidity – Down but not yet out?

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For Gregory Venizelos, senior economist at AXA IM, the inability of dealer desks to provide liquidity during periods of risk off is a major concern for credit investors.

The initiatives like the development of electronic platforms are not yet capable of absorbing a broader market correction.

AXA IM’s liquidity indicator shows a benign current market regime, sporadically interrupted by bouts of illiquidity. The complacency of Q2 2014 has been partially corrected by the market in terms of underpricing liquidity risk.

The full research is available below.

2015 03 26 Credit Liquitity GV_en

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

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