MarketAxess Holdings (MKTX) reported a $15 billion in average daily credit trading volume for Q1, driven by increases in US high-grade credit, emerging markets, and Eurobonds.
The US high-grade ADV rose 18% to $7.5 billion, while emerging markets ADV increased 17.3% to $3.6 billion, and Eurobond ADV grew 10.6% to $2 billion.
MarketAxess said the gains offset a 29.4% drop in U.S. high-yield ADV, which fell to $1.4 billion driven by lower levels of credit spread volatility and a greater focus on the new issue calendar. Estimated high-yield market share declined to 12.9% compared with 18.3% a year earlier.
MarketAxess said its ADV from Latin America and Asia-Pacific clients grew 11.1% and 54.8%, respectively.
The company however reported a 27.9% decline in total rates ADV to $17.7 billion.
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