Secondaries are tighter than last quarter. The bid is there. The dealer markup remains anyway: tighter does not mean inventory trades at mid.
For a book that holds corporates, the relevant price is the one at which the dealer actually offers, not the screen. The note is a reminder of the difference.
No list of bonds. Delayed tape.
What the desk is watching
- Secondaries tighter than last quarter
- The bid is there
- The dealer markup remains