حل أبيض وأسود لتحقيق أقصى استفادة من السوق الرمادية

حل أبيض وأسود لتحقيق أقصى استفادة من السوق الرمادية

الطابع الزمني: 30 نوفمبر 2023 الساعة 11:09 صباحًا
عقدة المصدر: 2987374

ويعمل مديرو الأصول الرائدون على تطوير حلول تكنولوجية لمساعدتهم على التغلب على التحديات الرئيسية في الأسواق الأولية للسندات للفوز بمزيد من المخصصات ومواكبة الأتمتة التي نشرتها البنوك المجمعة على مدى السنوات العشر الماضية.

تشرح قصة سابقة كيف يساعد تجميع البيانات ودمج الأنظمة المتعلقة بالتجارة وتسهيل التعاون مديري الأصول

مراقبة سوق الإصدارات الجديدة وتقييم الفرص وتنسيق عملية صنع القرار بين مديري المحافظ ومحللي الائتمان والتجار.

However, achieving a complete view of primary markets requires more than just analysing data from official channels.  The next stage is to explore all the data options available to traders, portfolio managers and analysts – and this can be facilitated by
introducing intelligence from the grey market.

تسليط الضوء على السوق الرمادية

يمكن تعريف السوق الرمادية بأنها سوق غير رسمية حيث يمكن شراء أو بيع الأوراق المالية دون أن تكون متاحة في الأسواق الرسمية.  

There are grey markets for equities and commodities as well as fixed income instruments.  Any trading that occurs in the grey market cannot be settled until official trading begins after the listing of the security, which can create settlement risk, but
that risk should be viewed separately from the potential value of the price data expressed in transactions offered in the grey market.

A good example of grey market activity is buying stocks or bonds before they are even issued by the company during the IPO or bond offering.  In the grey market for pre-IPO instruments, trades involve something like unofficial forwards on the instruments,
facilitating traders’ views on whether the issue will be over- or underpriced when it enters the official market.

الاستخبارات الأسعار والسوق الرمادية

مثل الأسواق الرسمية، يمكن أن تكون السوق الرمادية مصدرًا غنيًا للبيانات لقياس الطلب على الإصدار الجديد والتسعير المحتمل.

When an instrument is being offered in the primary market, the spread tightens or widens based on the appetite for that instrument and a book size is published and updated with the interest in the instrument. For a deal size of $100 million, if the book
size is at $200 million then the book is already oversubscribed and it will be clear to the participants that they are unlikely to receive a full allocation.  In this scenario, an investment manager looking for the asset, might turn to the grey market to build
موقعها. 

هناك تكلفة إضافية متضمنة في تأمين أداة خارج القناة الرسمية. ويُعرف هذا باسم قسط السوق الرمادية.

For example, a deal originally offered at midswap + 32 and then amended to midswap + 28 (based on strong demand) would probably trade a little higher in the secondary market as traders trying to build a larger position than what they will be allocated are
likely to pay a premium.  The grey market anticipates this and the premium in the grey market will help set the secondary market price for the bond.

A high premium in the grey market tells a portfolio manager that the bond is in high demand and could lead the investment firm to turn to the secondary market to source bonds similar to the technical profile of the new issue.  In doing so, the firm might
get the type of asset it desires at a price lower or equal to the new issue while gaining greater control over the quantity it is able to acquire. 

قد يشير انخفاض العلاوة في السوق الرمادية إلى انخفاض الطلب على الإصدار الجديد. في هذا السيناريو، قد يكون لدى مدير المحفظة مستوى عال من الثقة حول احتمالية التخصيص الكامل، ولكن قد يختار التحوط للموقف الناتج.

إدخال بيانات السوق الرمادية في عملية الاستثمار

In these ways, the grey market augments an investor’s view of new bond deals coming to market.  Yet, the data need to be considered in parallel with deal data coming directly from syndicates via official sources.  Bringing grey market data into the decision-making
process can be complicated because grey market activity takes place on informal channels such as Instant Bloomberg (IB) Chat or Liquidnet’s data stream for new issue trading.  In the case of chats, the data are unstructured and, thus, a challenge to aggregate,
normalize and otherwise format to present alongside more traditional sources of deal data.  Fortunately, AI and related advanced data parsing techniques can come into play to efficiently present grey market data alongside structured data from formal sources.

In conclusion, the grey market offers investment firms another set of demand and price indicators when bonds are set to come to market.  Bringing that intelligence into the investment decision-making process creates advantage, especially when it’s part of
a centralized system that aggregates multiple sources of new issue data available to the asset manager.  

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