Strong demand for US corporate bonds has created the most competitive conditions on record across primary markets, and is spurring more trading in the secondary market too, according to
US high-grade and junk bond markets are more competitive than at any time since 2017, according to Barclays’ Competition Index, which is the bank’s own version of the popular Hirschman-Herfindahl Index that measures market concentration and competition.
In the high-grade market, competition was 15% higher in the first half of 2025 than it was in 2017, and about 30% higher for junk bonds, Barclays strategists wrote on Wednesday. ...
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