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MarketAxess shares (NASDAQ:MKTX) posted a record $14.4 billion in average daily total credit volume in February, an increase of 25% over the prior year.
“In February we achieved 25% growth in average daily total credit volume to a record $14.4 billion, driven by 30% growth high grade to a record $6.7 billion and 43% growth in high yield to a record $2.3 billion,” said President and Chief Operating Officer Chris Concannon.
The company estimates US high-grade ADV to be 20.1%. High-grade issuance increased 78% year-on-year and around 5% since January 2023.
US High Yield ADV jumped 43% yoy to a record $2.3bn. The estimated market share of 19.2% improved from 15.2%.
Emerging markets ADV increased 11% yoy to $3.2bn.
ADV Eurobonds rose 14% to $1.8bn, with an estimated market share of 15.1%, up from 12.5%.
Preliminary rates per million for total credit in February were ~$167 vs. $160 in January 2023. The increase was primarily due to a favorable mix of credit products, with a slight improvement in US high-grade bond duration traded on MarketAxess (MKTX) platform.
The preliminary FPM for total fees was $3.96 vs. $3.79 in February 2022.
On Thursday, Atlantic Equities upgraded MarketAxess (MKTX) to Overweight as its fundamentals near a turning point for growth.
