Fixed income
Tradition España have highly specialized desks in the management and negotiation of various portfolios of fixed income products: (asset swap credits, corporate bonds, covered bonds, floating rate notes, futures and options, government bonds, mortgages, repos, values)
Our experience and our brokers in-depth knowledge of the markets, position us as one of the largest brokers of financial products globally. Likewise, we have a presence in more than 30 countries, which reinforces the knowledge we have of the markets and the products.
Fixed income
Corporate Bonds
Tradition España has a unique corporate bond desk staffed by professional brokers who have vast knowledge and experience in a variety of different areas.
With our contacts and relationships, many of which span over 30 years, we are proficient at trading bankrupt, distressed and crossover corporates, illiquid municipals and post-reorganized equities.
All of our services are provided with the highest level of integrity, while we strive to provide best price executions as we protect our clients’ anonymity.
At tradition we work with the following kinds of Corporate Bonds:
- Convertible Bonds
- Credit Bonds
- Emerging Markets
- Eurobonds
- European High Yield
- Floating
- Illiquid Debt
- Latam Corporate and Sovereign Bonds
Fixed income
Floating Rate Notes
We are a well-established, experienced team broking European, Asian and American named financial Floating Rate Notes (FRNs) in all currencies. We specialize in subordinated Bonds, in which we are market leaders.
FRNs are bonds that have a variable coupon, equal to a money market reference rate, such as LIBOR or federal funds rate, plus a spread. The spread is a rate that remains constant. Almost all FRNs have quarterly coupons; they pay out interest every three months, though counterexamples do exist. At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread.
Fixed income
Futures & Options
Tradition work with the different of Futures & Options:
- Interest Rate Futures & Options
- Fixed Income Futures & Options
- Index Futures & Options
Fixed income
Government Bonds
A government bond is a bond issued by a national government denominated in the country’s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds.
Tradition operates with the following of Government Bonds:
Asian Bonds/Convertibles:
Tradition is the market leading interdealer broker (IDB), in Japanese/Asian and European Convertible Bonds, with experienced brokers in our offices in London, New York, Dubai and Hong Kong. We cover the global OTC and exchange-driven Convertible Bonds markets 24 hours a day.
Our product knowledge, combined with long-term business relationships, means that our team of brokers have been working together,whilst gaining a professional reputation within the marketplace, for over 15 years.
Tradition España provides Japanese convertibles on a non-disclosure basis and maintains flows in both SE Asia and Japanese convertible bonds, with domestic and Euro convertibles, on an outright and swap basis.
The Singapore office covers:
– Singapore Government Bonds.
– Asian Bonds & CDS.
Gilt Bonds:
Our Gilt Government Bond desk comprises a team with a strong Sterling background, which we feel strengthens our knowledge of our markets and products. We provide market liquidity, as well as in-depth market insight into all Sterling Government bonds.
Emerging Markets Bonds:
The London office covers:
– South African Rand Government Bonds
– Turkish Government Bonds
US Treasury:
Our off-screen interdealer broker desk provides our clients with current and timely pricing of US Treasury bills, notes, bonds and US agency securities.
Our off-screen brokers provide an excellent full-service alternative for our customers. We also provide a screen-based brokering system for US agency discount notes.
EGB European Government Bonds:
Our Government Bonds desk comprises a team with a European background, which we feel strengthens our knowledge of our markets and products.
We provide market liquidity, as well as in-depth market insight into all European Government bonds, particularly government bond and T-bill auctions.
Finacor Paris covers:
– European Government Bonds (short, medium and long-term).
– Treasury Bills.
– OOATi and OAT strips.
The London office covers:
0-2 years and 2-30 years.
Fixed income
Mortages
This desk is staffed by knowledgeable brokers who are experts in the field of mortgage-backed securities.
The off-screen brokers are specialists in facilitating transactions in 5/7 year balloons, 10/15/20/25/30 year GNMA, FNMA, and FHLMC securities, ABSs, CMOs, and CMBSs.
The desk brokers odd lots to billions, specified pools and TBAs, and provides liquidity to our vast client base.
Fixed income
Repo
A repurchase agreement (Repo)is a Sale and Repurchase Agreement that has a borrower (seller/cash receiver) sell securities for cash to a lender (buyer/cash provider) and agree to repurchase those securities at a later date. The repo rate is the difference between borrowed and paid-back cash expressed as a percentage.
Tradition works with the following Repo:
- Corporate.
- Euro Government.
- Sterling Government.
- US Government.
