As debt securities yields provided one of the only shelters in the bear market storm, fixed income trading by fund managers surged 39% last year. According to a
Greenwich Associates survey of 3,868 fund managers around the world showed the biggest increase in volume in the U.S., with a rise of 39%. European trading rose 23%, and trading in Asia outside of Japan surged 30%. However, trading of fixed-income securities in Japan fell 6.9%.
The survey, based on interviews between last March and August, showed equal interest in all types of bonds, including government bonds, investment-grade corporate bonds, mortgage-backed securities, emerging market debt and high-yield bonds. Greenwich Associates also estimates that worldwide, $25.32 trillion worth of bonds changed hands in 2002.
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