Supply, Demand, Flows & Positions

Trounceflow gives you data and facts

With Trounceflow, for those bond markets we cover fully, which currently is the bonds of emerging and developing economy sovereigns (of central governments, more precisely - we are building up our data on high yield and investment grade bonds), you will get quantity data: time-series data on

- supply (how many bonds there are)
- demand (who owns the bonds)
- flows (how are these things changing)
- positions (relative demand)

You get all the data we have. You can access it 'en masse' by API, or access parts of it by data downloads or via the automated spreadsheets we have built for you.

Supply means different things to different people

At Trounceflow, supply is an absolute number, or a set of numbers
It is time-series data on the stock of types of bonds outstanding

Bonds have types because of three things:
(1) the bonds themselves
(2) their issuers
(3) their investors

At Trounceflow, supply is data on the bonds themselves...
- their coupon, maturity, jurisdiction, currency of issuance...
...and on their issuers...
- their place of residence, their institutional type, their behaviour...

At Trounceflow, understanding supply is a principle.

It is a necessary condition for understanding demand

Demand means different things to different people

At Trounceflow, demand can be an absolute number:

- time-series data on the stock of bonds held by types of investor

Investors can have different residences

- they can be foreigners / non-residents, or they can be locals

They can have different institutional types

- they can be pension funds, banks, insurance companies...

They can have different behaviours

- they can be constrained or dedicated to an asset class

- or they can be unconstrained

At Trounceflow, understanding absolute demand is a principle
It is a necessary condition for understanding demand

Positioning means different things to different people

At Trounceflow, positioning is data about relative demand
It is data on what is held relative to a baseline

For example, if a fund holds 12% of assets in Mexican bonds...
...and the fund is dedicated to emerging market bonds...
...and Mexico makes up 10% of the EM bond benchmark...

then the positioning is 12% vs 10%, or 2% overweight
and so positioning reveals a preference

- a demand for Mexican bonds greater than the baseline

At Trounceflow, understanding positioning is a principle
It is a necessary condition for understanding demand