회색 시장을 최대한 활용하기 위한 흑백 솔루션

선도적인 자산 관리자들은 채권이 더 많은 할당을 확보하고 지난 XNUMX년 동안 신디케이트 은행이 배치한 자동화에 보조를 맞추기 위해 발행 시장의 주요 과제를 극복하는 데 도움이 되는 기술 솔루션을 개발하기 위해 노력하고 있습니다.

이전 사례에서는 데이터 수집, 거래 관련 시스템 통합, 협업 촉진이 자산 관리자에게 어떻게 도움이 되는지 설명했습니다.

새로운 이슈 시장을 모니터링하고, 기회를 평가하고, 의사결정을 조정합니다. 포트폴리오 관리자, 신용 분석가 및 거래자 사이.

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.

회색시장에 빛을 비추다

그레이마켓은 공식 시장에서 거래되지 않고도 증권을 사고 팔 수 있는 비공식 시장으로 정의할 수 있습니다.  

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.

가격 정보와 회색 시장

공식 시장과 마찬가지로 그레이마켓은 새로운 이슈에 대한 수요와 잠재적인 가격을 측정하기 위한 풍부한 데이터 소스가 될 수 있습니다.

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
그 위치. 

공식 채널 외부에서 악기를 확보하는 데에는 추가 비용이 발생합니다. 이를 그레이마켓 프리미엄이라고 합니다.

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. 

회색 시장의 낮은 프리미엄은 새로운 이슈에 대한 수요가 낮다는 것을 의미할 수 있습니다. 이 시나리오에서 포트폴리오 관리자는 전체 할당 가능성에 대해 높은 수준의 확신을 가질 수 있지만 결과 포지션을 헤지하기로 선택할 수 있습니다.

그레이마켓 데이터를 투자 프로세스에 도입

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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• 출처: https://www.finextra.com/blogposting/25293/a-black-and-white-solution-to-getting-the-most-out-of-the-grey-market?utm_medium=rssfinextra&utm_source=finextrablogs