Expanding the Client Network
Estimated Market Share
Market Conditions and U.S. Credit
LIQUID U.S. CORPORATE INDEX (LUCI)
Benchmark Spreads (bps)
210
190
170
150
130
110
90
70
50
Benchmark Spreads*
ил
212
2Q12
2Q13
2Q14
2Q15
2Q16
Source: Credit Suisse Global Credit Strategy
*Data based on quarterly average
2Q17
3-Month Rolling Volatility
12.8
6.4
3.2
1.6
0.8
0.4
0.2
0.1
2Q18
2Q19
COMPOSITE CORPORATE BOND ESTIMATED
2Q20
MARKET SHARE¹
25.0%
20.0%
15.0%
10.0%
5.0%
2Q16
3 Month Rolling Volatility (% log scale)
U.S. HIGH-GRADE & U.S HIGH-YIELD TRACE
VOLUME
U.S. High-Grade
U.S. High-Yield
Q2 YoY Change
HG TRACE: 5%
HY TRACE: -1%
3,000
2,500
2,000
1,500
1,000
500
Volume (in $ billions)
Source: BondTicker
10-YEAR & 2-YEAR TREASURY YIELD & MKTX U.S
HIGH-GRADE WEIGHTED AVG. YEARS TO MATURITY
10Y TSY
-Weighted Avg. Years-to-Maturity
New Record
-2Y TSY
3.5%
20.2%
3.0%
2.5%
15.6%
+460 bps Improvement
from Pre-Pandemic Levels
Treasury Yield
2.0%
1.5%
1.0%
0.5%
Source: Federal Reserve
1. Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE-reported data),
U.S. high-yield (derived from FINRA TRACE-reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume only) and Eurobonds
(derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas.
Note: Data based on quarterly average
X Market Axess®
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
7.0
Weighted Avg. Years-to-MaturityView entire presentation