More musings: Credit spreads are still elevated despite dropping from the March peak. High credit spreads = high trading volumes, good for MarketAxess:pic.twitter.com/rIhHFyIqlv
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After digging through MarketAxess's results, my takeaways:
① The business is on 
by all measures - COVID-19 has accelerated electronic bond trading & client demand has surged.
② @ ~75x earnings, the good times are priced in imo but no reason for that not expanding further
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In addition, management thinks credit spreads will stay elevated for the foreseeable future:pic.twitter.com/4Ak7D202ey
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Electronic adoption continues to build, supporting the MarketAxess long thesis.
$MKTX is the largest electronic corporate bond platform by a mile - clients really have only one place to go:pic.twitter.com/vex1uSlwYz
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According to MarketAxess, the bond markets have held up better in 2020 when compared to the '08 crisis:pic.twitter.com/6HBhOfT5ep
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the buyside is expected to keep trading from home, choosing the screen over voice trading:pic.twitter.com/2uNH8cf9un
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Interesting comments on Fed intervention in the corporate bond markets - they're present, but not an elephant by any means:pic.twitter.com/pMxscHhZdO
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End of conversation
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