tadamichi/iStock via Getty Images Liquidity has moved to the center of investing conversations in recent months. Corporate direct lending, a subset of private credit, has drawn scrutiny as investment vehicles often promise monthly or quarterly liquidity while owning assets that are, in practice, difficult to exit. Headlines about redemption limits in private credit funds underscore that this is no...
tadamichi/iStock via Getty Images Liquidity has moved to the center of investing conversations in recent months. Corporate direct lending, a subset of private credit, has drawn scrutiny as investment vehicles often promise monthly or quarterly liquidity while owning assets that are, in practice, difficult to exit. Headlines about redemption limits in private credit funds underscore that this is no longer a theoretical risk. Against that backdrop, there has been a persistent and parallel debate about liquidity in public credit markets, where corporate bonds are bought and sold. Critics – often managers touting private credit – have argued that primary dealer banks hold fewer corporate bonds than they once did and that trading is concentrated within a subset of newer bonds. Supporters counter that advances in trading technology and market structure continue to improve liquidity. The data strongly support the latter view. Across multiple, complementary measures of depth, breadth, and transaction costs, public corporate bond markets appear healthier today than at any point since the global financial crisis (GFC). Using the right yardsticks There is no single definition of market liquidity, but it is commonly understood as the ability to buy or sell an asset quickly, in size, and at prices reflecting fundamental values. There are three main components: Depth: Can the market absorb trades without large price moves? Breadth: Is trading activity dispersed across securities? Transaction costs : What is the price of immediate execution? We can quantify these components using transaction-level data from the TRACE database 1 . First, to capture depth, we use the Amihud illiquidity measure 2 . In plain English, it shows the average price change associated with one dollar of trading volume. While this fluctuates with volatility, it has remained well-behaved – across investment grade (IG) and high yield (HY) markets alike – and is near the low end of its historical range (see Figu...
The cost of hedging against swings in a key Indian banking gauge relative to the broader market has surged, as traders brace for the central bank’s rate decision as well as a potential escalation in the Middle East war. The gap between the implied volatility of the NSE Nifty Bank Index and the India NSE Volatility Index has widened to nearly eight points — the highest since December 2022 — signali...
The cost of hedging against swings in a key Indian banking gauge relative to the broader market has surged, as traders brace for the central bank’s rate decision as well as a potential escalation in the Middle East war. The gap between the implied volatility of the NSE Nifty Bank Index and the India NSE Volatility Index has widened to nearly eight points — the highest since December 2022 — signaling stronger demand for protection in rate-sensitive financial stocks. The spike in hedging costs highlights growing investor concern over how a mix of external shocks and domestic policy will shape India’s financial sector, which has been a key driver of equity markets. Banks tend to be more directly impacted by interest-rate expectations, liquidity conditions and currency pressures, making them particularly sensitive ahead of monetary policy decisions. The fallout from the Iran conflict and its impact on crude prices and currency stability is also adding a layer of uncertainty to markets. “The volatility expansion reflects markets hedging global geo-political event risk first and only secondarily adjusting for policy signals at home,” said Sahaj Agrawal , head of derivatives research at Kotak Securities Ltd. President Donald Trump has said that if a deal isn’t reached by his Tuesday deadline, the US military could destroy key Iranian infrastructure, including power plants and bridges. The threat is weighing on investor sentiment, while Indian bank stocks may face further pressure as the central bank defends the rupee, tightening domestic liquidity conditions. Read More: Indian Bank Stocks’ $95 Billion Rout May Deepen, Analysts Say The Reserve Bank of India is likely to hold rates steady on Wednesday as it balances competing pressures. A sharply weaker rupee and the risk of imported inflation argue for tighter policy, while slowing growth dynamics call for continued support. Against this backdrop, options markets are reflecting a wider distribution of potential outcomes, wi...
Horizon Petroleum ( HPLHF ) has announced an update regarding its press release from March 27, 2026, the company has increased its private placement by $1 million, totaling up to $4 million in secured convertible debentures, priced at $1,000 each. The expected closing date is on or before April 15, 2026. The funds will be used for several purposes: to cover civil works for the re-entry and product...
Horizon Petroleum ( HPLHF ) has announced an update regarding its press release from March 27, 2026, the company has increased its private placement by $1 million, totaling up to $4 million in secured convertible debentures, priced at $1,000 each. The expected closing date is on or before April 15, 2026. The funds will be used for several purposes: to cover civil works for the re-entry and production testing of the Lachowice 7 gas well this summer, ongoing technical and operational planning, and to provide working capital for general corporate needs in Poland and Canada, as well as to pay off existing debts. The debentures will yield 7% interest per annum, starting from the issuance date and continuing until 24 months after the closing date, with interest payments made semi-annually in cash or shares at the company's discretion. Debenture holders can convert their debentures into equity units at any time until the maturity date, with each $1,000 convertible into 9,524 common shares at $0.105 each, and 4,762 common share purchase warrants, each exercisable for one common share at $0.15 for thirty-six months from the closing of the Debentures. The company may pay up to 7% in cash or warrants as finder's fees. The offering may close in several tranches subject to TSX Venture exchange approval, with all securities issued subject to a four-month hold period. More on Horizon Petroleum Ltd. Financial information for Horizon Petroleum Ltd.
A daughter of Malaysia’s late former finance minister Daim Zainuddin was charged in a Kuala Lumpur court on Tuesday over allegations that she failed to declare shareholdings to anti-corruption investigators, in the latest escalation of a long-running probe into the wealth of one of the country’s most prominent political families. The case against Asnida Abdul Daim is part of the investigation by t...
A daughter of Malaysia’s late former finance minister Daim Zainuddin was charged in a Kuala Lumpur court on Tuesday over allegations that she failed to declare shareholdings to anti-corruption investigators, in the latest escalation of a long-running probe into the wealth of one of the country’s most prominent political families. The case against Asnida Abdul Daim is part of the investigation by the Malaysian Anti-Corruption Commission (MACC) into assets linked to her father, a two-time finance...
Oselote/iStock via Getty Images Nuclear Energy and Uranium Key Takeaway The closure of the Strait of Hormuz exposed the fragility of global energy supply chains, highlighting energy security as a critical consideration for global policymakers. We see parallels between this environment and the oil crises of the 1970s, which helped spur nuclear power buildouts in the following decades. Advanced nucl...
Oselote/iStock via Getty Images Nuclear Energy and Uranium Key Takeaway The closure of the Strait of Hormuz exposed the fragility of global energy supply chains, highlighting energy security as a critical consideration for global policymakers. We see parallels between this environment and the oil crises of the 1970s, which helped spur nuclear power buildouts in the following decades. Advanced nuclear energy startup, X-Energy filed for an IPO on March 20th under the ticker "XE." 1 X-energy operates two core business lines: 1) It develops its Xe-100, an advanced small modular reactor (SMR) the Xe-100, a helium-cooled reactor that runs off TRISO-X fuel pellets, scalable at 4-12 units per site, and 2). It also fabricates TRISO-X fuel, which is a HALEU fuel intended to be complimentary to X-energy reactors and that can also be used in other reactor designs. 2 South Korea announced plans to speed up the restart of nuclear reactors currently undergoing maintenance in a bid to secure energy following the outbreak of the war in the Middle East. Two units are aiming for expedited restarts this month, while another four are aiming to restart by mid-May. The announcement highlights the nation's efforts to head off potential supply disruptions from the conflict in the Middle East. South Korea imported over 40 million tons of LNG in 2025, nearly 14% of which was from Qatar. 3 Price Action Uranium spot prices fell to around $84/pound by March 20th, while term prices started the month at $90/lb. 4,5 Spot market demand was generally subdued as investors continued to assess volatile energy markets. Utility contracting remains moderate, with multiple utilities seeking mid- and longer-term coverage in off-market discussions, which we believe continues to be reflected in tightening fundamentals and rising term prices. 6 Outlook The disruption of shipments through the Strait of Hormuz has laid bare the fragility of global energy supply chains, which we believe strengthens the argument fo...