I remember when some UK banks (not to name the two) Gilt traders refused to quote two way prices.
Sell side credit traders will be like “yeah just ask for a one sided quote non-comp, that will get you the best price” Uh huh, sure buddy.
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Its better than ABS desks. Me: "This structure is very unusual, how liquid is it?" Sales: "Oh, we'll tots be making a 5bps market in it until Kingdom come."
End of conversation
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Um which market? Asking for a friend
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Always trust your sell-side traders
- End of conversation
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Can even give you a choice price (provided we know direction)
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My size? Your size.
End of conversation
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I thought that was SOP on credit markets?
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Must have heard that about 1.000 times in the last 40 years in fx….from spot, fwd and option traders
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You can leave out the word “credit” and it still applies
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