More is not always merrier when it comes to dealer quote depth

Chris Fenske, co-head of fixed income pricing research at IHS Markit, tracks quote depth on euro denominated high yield bonds

The number of dealers quoting a bond is one of the most accessible liquidity metrics through parsing technology and is often used as a gauge of the issue’s current and historical levels of market liquidity. In addition, the metric’s linkage to liquidity and price transparency can make it a potential