BondWave, a leading financial technology firm servicing the fixed income market, has calculated up to eight pricing benchmarks for every customer trade disseminated by FINRA and the MSRB for asset classes requiring mark-up disclosure dating back to 2018. This Universal PMP data set is part of BondWave’s Benchmark Data & Trading Indices (BDTI), now known as QMarksTM.
Starting with Q4 2020, BondWave began producing dashboards for each of the four covered asset classes (corporate, municipal, agency, and 144A bonds) with plans to expand coverage to securitized products (MBS, ABS, CMO, etc.). The dashboards will help market participants better understand trading trends in the fixed income markets.
First Quarter 2021 UPMP Dashboards
Corporate
- Corporate bond customer trading exceeded $948 billion in the first quarter, up 18.43% from the previous quarter
- Average mark-ups in the first quarter were 39 basis points, down 7.89% from the previous quarter
- Average mark-downs were 27 basis points, down 7.07% from the previous quarter
Source: BondWave BDTI
Municipal
- Municipal bond customer trading exceeded $316 billion in the first quarter, up 4.39% from the previous quarter
- Average mark-ups in the first quarter were 57 basis points, down 14.05% from the previous quarter
- Average mark-downs in the first quarter were 35 basis points, down 8.02% from the previous quarter
Source: BondWave BDTI
Agency
- Agency bond customer trading exceeded $75 billion in the first quarter, up 15.98% from the previous quarter
- Average mark-ups in the first quarter were 16 basis points, up 25.90% from the previous quarter
- Average mark-downs were also 16 basis points, down 3.47% from the previous quarter
Source: BondWave BDTI
144A
- 144A bond customer trading exceeded $297 billion in the first quarter, up 27.88% from the previous quarter
- Average mark-ups in the first quarter were 9 basis points, down 31.14% from the previous quarter
- Average mark-downs were 7 basis points, down 6.39% from the previous quarter
Source: BondWave BDTI
