The number of failed trades in the US corporate bond market shot higher following Russia’s invasion of Ukraine, with investors linking the settlement problems to sanctions imposed after the war began.
Nearly $70bn of transactions failed in the week ending April 6, and for the past six weeks failed trades have averaged just over $86bn, according to data updated on Thursday by the Federal Reserve Bank of New York.
The value of failed trades was sharply higher than the long-term average of $40bn a week, which had largely persisted into January. In the week that ended on March 23, close to $150bn of trades failed, the most since 2007.
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