For most bonds, in particular corporate bonds, bid and offer prices are not public available and transparent, as the majority of trading takes place outside regulated marketplaces. Bonds are traded OTC with Saxo Bank as counterpart, and OTC trading conditions apply. Please see Saxo Bank's execution policy for further information.
|Corporate Bonds (Investment Grade and short maturity) and Developed Markets Government Bonds||Higher than BBB||8 bps.||20-80 bps.||98.00/98.80|
|Corporate Bonds (High Yield) and Emerging Markets Government Bonds||Lower than BBB||8 bps.||80-200 bps.||102.50 / 104.50|
|Hybrids and CoCo bonds|| ||8 bps.||50-250 bps.||70.00 / 72.50|
The target spreads as indicated above are minimum spreads and based on normal market conditions for the mentioned bond categories. Actual and realized spreads depend on individual market and liquidity conditions, and may differ from the above, even within same bond category and for the same issuer. The client is always quoted both the bid and ask price, thus the actual spread for every trade is known. Clients can accept the quote and request for trade. All quotes on request are indicative and subject to market and liquidity conditions.