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As we close out 2025, we want to share some insights of how our trading members engaged with markets over the past year. By analysing anonymised activity on the BondbloX Bond Exchange—what bonds were most traded, searched, and added to watchlists — we gain a powerful lens into investor preferences, risk appetite, and evolving themes.
Trading activity on the platform offers a clear snapshot of how investors positioned their bond portfolios in an environment shaped by changing central bank policy and a mixed economic backdrop. The most traded bonds highlight an approach focused on income generation, controlled duration risk and region-specific activity. Below is a summary of our observations and the data thereof.
1. A bias towards shorter and intermediate maturities: Investors showed a clear preference for bonds with maturities under 10 years, reflecting sensitivity to duration risk and uncertainty around the long-term path of interest rates. Trading in longer-dated bonds was far more selective, largely confined to sovereigns and US Treasuries, where investors were more comfortable extending duration due to higher credit confidence.
2. High-coupon bonds drove trading volumes: Bonds offering high coupons (5% and above) were the most actively traded, reinforcing the importance of carry in the current environment. Investors were keen to secure attractive income opportunities, particularly in credits where spreads provide compensation for risk. High coupons also tend to offer a degree of downside protection (higher the coupon, lower the duration with investors getting their money back sooner), making these bonds appealing amid uncertain macro conditions.
3. High-yield outpaced investment-grade trading activity: Broadly our trading members were more active in high-yield bonds vs. investment-grade bonds, reflecting a greater willingness to take measured credit risk in pursuit of enhanced returns. However, investors’ focused remained on well-known high yield issuers with shorter tenors.
4. Regional activity centred on India and the Middle East: In terms of regional exposure, dollar bonds of Indian issuers were the most actively traded, followed by bonds of Middle East and European issuers. This pattern largely reflected home-bias preferences, with investors gravitating toward familiar regions and well-known credits that offered a mix of robust growth and attractive yield premiums.
In the table below, we have compiled a list of the top traded bonds on the BondbloX bond exchange in 2025, sorted in the descending order of the volumes traded. The table can also be sorted by any of the other columns by clicking on the column header (i.e., Price, Yield, Returns etc.).
The next table shows a list of the most actively traded new issues on the BondbloX platform in 2025. Bank perps and high yield corporates stand out, again underscoring investor preference for chunky coupons.
Portfolio Additions: Most frequently bonds added to portfolio were skewed towards sovereign bonds followed by Bank AT1 instruments. Maturity preferences were barbelled: while short-dated bonds (0–5 years) and perpetuals saw strong additions, indicating a search for carry and flexibility, there was also meaningful interest in long-dated bonds (>10 years), pointing to selective duration exposure. The presence of issuers such as Vedanta, Adani and Pemex underscores investors’ appetite for yield, while US Treasuries alongside global banking names like HSBC and UBS signal a parallel desire to anchor portfolios with liquid, high-quality exposure.
Watchlists Additions: Here too, the addition of bonds to investors’ watchlists were concentrated from Bank AT1 and Sovereign industry. However, here maturity preference for longer tenor bonds (>10years) was clearly evident followed by perpetuals. The majority of this list spanned the BBB- to BB- rated credits. Top issuers that feature prominently are HSBC, Middle East Real Estate companies, and sovereigns, such as Binghatti, Arabian Centres, Egypt and Mashreq.
The two tables below show the top bonds added to investors’ portfolios and watchlists on BondbloX in 2025. The lists have been sorted by the number of additions to the portfolio and watchlist each.
Search Activity: Search trends were led by bonds from the US, Middle East and China, with notable interest in higher-quality names (AA+ and BBB) alongside selective crossover risk. Heavy attention on US Treasuries potentially reflected the sensitivity to rate expectations and duration positioning. We also observed investor interest in sovereign and large cap corporate names from China and the Middle East.
Lastly, we have compiled a list of the most searched bonds on the platform in 2025 in the table below, sorted by the search frequency.
Key takeaway: Investor activity on the platform reflects a predominantly yield-focused investor base, with preferences tilted toward shorter maturities, higher coupons and selective high-yield opportunities. Capital allocation also displayed a clear home-bias, gravitating toward the Middle East, India and Europe, while US Treasuries remained the most sought-after exposure within the US market.
At BondbloX, our goal remains simple: to give you institutional-grade access, pricing, and tools—so you can invest in bonds with confidence.
Thank you for being part of the BondbloX community. Here’s to smarter bond investing in 2026!!!
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