G3 Bonds Benchmark Review 2025

Welcome to the 26th edition of the G3 Bond Benchmark Review, conducted by Asset Benchmark Research.

As an active participant in the G3 bond market, we would like to invite you to complete as many of the sections as are relevant. You can return to the unfinished questionnaire at any time by clicking on the original link sent to you.  If at any time you require assistance, please email us at research@theasset.com

If you only trade CDS, you will only be prompted to answer those related questions.

Please note that entries are strictly screened. Incomplete or ineligible responses will be excluded.

Asset Benchmark Research is pleased to share a new voting function exclusively on The Asset App. Details on how to participate in the new voting function are found at the end of the survey.

Thank you in advance for your valued input and participation.

The G3 Bond Benchmark Review 2025 is now open

*required field

* Please begin by filling in your information below.

* Please select the location where you currently based and your institution type from the dropdown lists below.

LocationInstitution type
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Investment Universe

*required field

* Please select your major responsibilities in the organization you work for?

(Please select all that apply)

* Which of the following are you involved in?

(Please select all that apply)

* The ratio of investment grade to high yield bonds in your G3 bond portfolio.

(i.e. investment grade % + high yield % = 100%)
Investment grade %High yield %RemainingTotal
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100%
0%

* The ratio of sovereign and quasi-sovereign (i.e government-linked issues) to corporate bonds in your G3 bond portfolio.

(i.e sovereign % + corporate % = 100%)
Sovereign %Corporate %RemainingTotal
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100%
0%

Which is your specialisation? Please mark as relevant.
 

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Please list your top G3 bonds counterparties in the secondary market.

(order by preference)
Company nameComment
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Nominations - Best Economists / Strategists

All nominations are strictly confidential.
All nominated sellside individuals will be invited to vote for the Most Astute Investors. Most Astute Investors are invited to vote for the Best of the Sellside.

Voting and nomination for both the Most Astute Investors and the Best of the Sellside is now available on The Asset App and voting is accessible on a weekly basis until 15 August 2025

*required field

Rank the top three criteria that make a good Economist / Strategist by dragging the item to the field on the right.

Ranks
  • Accuracy of calls
  • Coverage universe
  • Independence and objectivity
  • Industry knowledge
  • Out-of-the-box thinking
  • Regulatory insights
  • Timely analysis
  • Track record

Who are the BEST Economists / Strategists in G3 bonds?

First NameSurnameFirmMobileE-mailComment
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Nominations - Best Analysts

All nominations are strictly confidential.
All nominated sellside individuals will be invited to vote for the Most Astute Investors. Most Astute Investors are invited to vote for the Best of the Sellside.

Voting and nomination for both the Most Astute Investors and the Best of the Sellside is now available on The Asset App and voting is accessible on a weekly basis until 15 August 2025

*required field

Rank the top three criteria that make a good Analyst by dragging the item to the field on the right.

Ranks
  • Accuracy of calls
  • Coverage universe
  • Independence and objectivity
  • Industry knowledge
  • Out-of-the-box thinking
  • Regulatory insights
  • Timely analysis
  • Track record

Who are the BEST Analysts in G3 bonds?

First NameSurnameFirmMobileE-mailComment
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Nominations - Best Salespeople

All nominations are strictly confidential.
All nominated sellside individuals will be invited to vote for the Most Astute Investors. Most Astute Investors are invited to vote for the Best of the Sellside.

Voting and nomination for both the Most Astute Investors and the Best of the Sellside is now available on The Asset App and voting is accessible on a weekly basis until 15 August 2025

*required field

Rank the top three criteria that make a good Salesperson by dragging the item to the field on the right.

Ranks
  • Accessibility
  • Competitive pricing
  • Coverage
  • Market / product knowledge
  • Pleasant to deal with
  • Speed of response
  • Team player
  • Track record
  • Understands my needs

Who are the BEST Salespeople in G3 bonds?

First NameSurnameFirmMobileE-mailLocationComment
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Nominations - Best Traders

All nominations are strictly confidential.
All nominated sellside individuals will be invited to vote for the Most Astute Investors. Most Astute Investors are invited to vote for the Best of the Sellside.

Voting and nomination for both the Most Astute Investors and the Best of the Sellside is now available on The Asset App and voting is accessible on a weekly basis until 15 August 2025

*required field

Rank the top three criteria that make a good Trader by dragging the item to the field on the right.

Ranks
  • Accessibility
  • Accuracy of pricing
  • Industry knowledge
  • Market expertise
  • Reputation
  • Risk management
  • Speed of execution
  • Speed of response

Who are the BEST Traders in G3 bonds?

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Nominations - Best Syndicate manager

All nominations are strictly confidential.
All nominated sellside individuals will be invited to vote for the Most Astute Investors. Most Astute Investors are invited to vote for the Best of the Sellside.

Voting and nomination for both the Most Astute Investors and the Best of the Sellside is now available on The Asset App and voting is accessible on a weekly basis until 15 August 2025

*required field

Rank the top three criteria that make a good Syndicate manager by dragging the item to the field on the right.

Ranks
  • Aftermarket support
  • Bookbuilding and allocation
  • Distribution capabilities
  • Investor relationships
  • Market knowledge
  • Negotiation and communication
  • Project management
  • Regulatory compliance
  • Structuring expertise
  • Syndicate formation

Who are the BEST Syndicate managers in G3 bonds?

First NameSurnameFirmMobileE-mailComment
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G3 Bonds Portfolio

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Assets under management. The average value of your G3 bonds investments (ex ANZ/Japan) in the past 12 months. 

Turnover. Your total annual secondary market turnover in G3 bonds (ex ANZ/Japan) in the past 12 months.

The proportion of distressed and restructured bonds in your G3 bond portfolio. (%)

%

Online-trading

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* Do you use online trading platforms to execute trades in G3 bonds?

Please rank the top 3 reasons driving you to adopt online trading in G3 bonds? Please place the most important reason at the top

Choices Ranking
  • Efficiency (i.e. large number of small trades, frequent rebalancing)
  • Auditability (i.e. execution policy requiring electronic execution)
  • Superior pricing capability (i.e. ability to scout for best price among larger pool of liquidity providers)
  • Data value (i.e. ability to make valuable use of data mining during the investment process)
  • Clear oversight on portfolio real time net asset value
  • Other, please specify

Other, please specify below

Which are the barriers for adopting online trading in Asian G3 bonds? Please place the greatest obstruction at the top

Choices Ranking
  • Infrastructure limitation
  • Lack of size availability
  • Lack of liquidity / colour / inventory
  • Trading centralized
  • Pricing insufficient
  • Preference for personal touch via for phone/voice/chat trading
  • Lack of counterparty participation
  • Compliance restrictions/Internal company policy
  • Not familiar / No interest
  • Current systems satisfactory / No need
  • Public policy / Regulation
  • Other, please specify

Other, please specify below

* Please indicate and rate the trading platforms that you are using to trade G3 bonds.

Rating scale from 1 (least satisfactory) to 5 (most satisfactory)
Bloomberg
BondVisions
MarketAxess
Refinitiv Eikon
Tradeweb
Inhouse platforms
Other platform

What is the typical ticket size you trade on the online trading platforms?  

Percentage (%)
*What proportion of your trades in G3 bonds by volume is executed through online trading platforms ?

Which capabilities do the trading platforms you use need to improve on? (Please rank the most important three areas of improvement)

Choices Ranking
  • Bond information completeness (e.g yield, price, and news, etc)
  • Breadth of liquidity pool
  • Execution protocol swiftness
  • Price discovery efficiency
  • Types of securities available
  • Visibility of market depth (i.e various price with corresponding order sizes)

Asian CDS

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How often do you trade Asian CDS?

What is the notional value of Asian CDS you have traded over the past 12 months?

USD million

Which bank has improved the most over the past 12 months for Asian CDS?

Market Outlook

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Which credit rating agency is the most accurate and/or informative?

(Please select one)

Which ESG/sustainability rating provider is the most accurate and/or informative?

(Please select one)

What will impact the G3 bond markets the most in the coming 12 months? (please rank top 3 reasons with the most important at the top).

Choices Ranking
  • Persistent inflation
  • Sluggish economic growth
  • Federal Reserve action
  • Distressed debt
  • Elevated rates
  • Geopolitics
  • Others, please specify

Geopolitical risks, please specify below

Others, please specify below

Do you invest in green, social, sustainability and sustainability-linked (GSSS) bonds?

What proportion of your G3 portfolio is GSSS bonds?

Why do you invest in GSSS bonds?

Why not?

What’s the prospects for high yield G3 bonds?

Do you think the Chinese real estate crisis is over?

Are you starting to/have started to invest in Chinese real estate bonds?

That completes our survey. Thank you very much for your participation.


Please click the button below to [SUBMIT] your response.

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Thank you very much for your time and valued participation. Your response has been recorded.

Asset Benchmark Research is pleased to launch a new voting service. In addition to the annual survey, ABR is delighted to introduce a new function, available exclusively on The Asset App.

The new service allows individuals on the buyside (Most Astute Investors) and the sellside (Best of the Sellside) to participate in the annual voting for the nominated individuals in the fixed income market on a real-time basis. Both the Best of the Sellside Individuals and the Most Astute Investors can keep track of the unweighted rankings and see who are the individuals trending in G3 bond markets daily.

For more information, please visit this link or email Asset Benchmark Research at g3b@theasset.com.

 

Thank you very much for your time and valued participation. Your response has been recorded.

Asset Benchmark Research is pleased to launch a new voting service. In addition to the annual survey, ABR is delighted to introduce a new function, available exclusively on The Asset App.

The new service allows individuals on the buyside (Most Astute Investors) and the sellside (Best of the Sellside) to participate in the annual voting for the nominated individuals in the fixed income market on a real-time basis. Both the Best of the Sellside Individuals and the Most Astute Investors can keep track of the unweighted rankings and see who are the individuals trending in G3 bond markets daily.

For more information, please visit this link or email Asset Benchmark Research at g3b@theasset.com.