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Executive Summary

Portfolio trading accounted for over 5% of U.S. corporate bond volume for the past four months through May, proving the mechanism’s staying power and slow but steady growth.

Electronic trading of both investment-grade and high-yield bonds in May was up notably from last year at 41% and 28% of total volume, respectively.

Methodology

Coalition Greenwich continuously gathers data and insights from U.S. Treasury market participants, including asset managers, hedge funds, primary dealers, market makers, and trading platforms. The data, once aggregated, normalized and enhanced, is analyzed by our market structure research team who identify key areas of change and the likely direction of volume, holdings, market share, and other trends in the coming months.