充分利用灰色市场的黑白解决方案

充分利用灰色市场的黑白解决方案

时间戳记：30年2023月11日上午09:XNUMX
源节点： 2987374

领先的资产管理公司正在努力开发技术解决方案，帮助他们克服债券一级市场的关键挑战，赢得更多配置，并跟上过去十年银团银行部署的自动化步伐。

之前的故事解释了聚合数据、集成贸易相关系统和促进协作如何帮助资产管理者

监控新发行市场、评估机会并协调决策 投资组合经理、信用分析师和交易员之间。

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.

照亮灰色市场

灰色市场可以定义为一种非正式市场，可以在没有官方市场的情况下买卖证券。  

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.

价格情报和灰色市场

与官方市场一样，灰色市场可以成为衡量新发行需求和潜在定价的丰富数据源。

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
它的位置。 

在官方渠道之外获取仪器需要支付额外费用。这被称为灰色市场溢价。

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. 

灰色市场的低溢价可能表明对新发行债券的需求较低。在这种情况下，投资组合经理可能对全额配置的可能性充满信心，但可能会选择对冲由此产生的头寸。

将灰色市场数据纳入投资流程

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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