The future of Bond trading

Our new and improved online Bonds offering cuts out the time-consuming and cost-intensive middleman, giving investors direct access live prices from global Bonds providers and European exchanges via our award-winning trading platform SaxoTraderGO.

Best Execution

You decide on the trade, we provide the best price*. Saxo's online Bonds trading algorithm culls prices from multiple exchanges and liquidity sources, automatically directing your trade to the one with the best conditions at that moment.

* Best accessible price from up to 40 global bond providers and major exchanges called by Saxo’s algorithm

Global Access

Trading Bonds with Saxo does not stop at the big currencies and markets. In addition to US and European government and corporate Bonds, you'll have access to selected high yield and emerging markets in Asia Pacific, Latin America, Middle East and North Africa, in both USD and the relevant local currency.

Flexibility & Service

Do you prefer to set your own price and trade limits? With SaxoTraderGO you can. What if market liquidity is insufficient for online trading? Not to worry, our Sales Trader can take your offline order so you won't miss an investment opportunity.

Market Standard Active*
European government bonds 0.20%
(minimum 80 EUR)**
0.05%
(minimum 50 EUR)**
US government bonds 0.20% ***
(minimum 80 EUR)**
0.05%***
(minimum 50 EUR)**
European and US corporate bonds 0.20%
(minimum 80 EUR)**
0.10%
(minimum 50 EUR)**
Other Markets bonds 0.20%
(minimum 80 EUR)**
0.10%
(minimum 50 EUR)**

* See more under rates and conditions for bonds.

** The equivalent if traded in another currency.

*** For US government bonds there is an additional external execution fee of 0.0004% embedded in the price.

Client

Saxo Bonds
Robotics

Order

Best price

Request

Pricing

Tier 1 banks

* Best accessible price from up to 40 global bonds providers and major exchanges called by Saxo’s algorithm.

Unique benefit of Saxo's cross-asset-class model

Your holdings of Bonds through your Saxo account gives you the ability to use these, as with selected Stocks, as collateral for margin trading. With a single view of your cross-asset portfolio, using your Bonds holdings as collateral allows you to directly hedge your currency risk or simply gives you the extra boost in margin trading when needed.

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By clicking Submit, I agree to the Saxo Capital Markets Terms of Use. I also accept that anyone in Saxo Capital Markets and/or a Saxo Bank Group related entity may contact me via phone or email with information on products, services, promotional updates meant to guide me in use of the trading platform.

Online Bond Trading FAQ

Which bonds are available for online trading?

A wide range of the most active and liquid government and corporate bonds in Europe, Asia, the Middle East and Africa, as well as a limited number of Latin American bonds - in total more than 5000 bonds - are available for online bond trading. The availability of Latin American bonds and US corporate bonds is expected to be expanded in the near future.

What if a bond is not available to be traded online?

Saxo supports 33,000 bonds offline, so there is a good chance that it can be traded offline from our bond desk. Please contact Saxo to enquire about the possibility of trading the specific bond offline. If so, it will be manually traded, but will still appear in the account summary of your account just like any other position.

What are the trading hours for online trading?

Bonds can be traded online if the relevant underlying bond market is open. Trading hours will be limited to the daylight hours where liquidity in the relevant underlying bond market is best (i.e. European government bonds are open for trading in European hours).

Trading hours

The trading hours for online bonds trading are as follows (all times in CET)

Australia

02:00 – 09:00

Asia

03:00 – 19:00

Central Eastern Europe

09:00 – 19:00

Middle East and Africa

09:00 – 19:00

European market

09:00 – 19:00

US market

12:00 – 23:00

Latin America

12:00 – 23:00


The trading hours for offline bonds is 24/5.

Where and how does Saxo source liquidity for online trading bonds?

Bonds are primarily traded in the international OTC market and less frequently on exchanges. Saxo thus utilises its counterparty network of more than 40 liquidity providers in the OTC market to source liquidity for online bond trading. For more information please see “How does a market order work?”

What is the maximum trade size?

There are maximum limits which are set according to normal liquidity conditions in the underlying bond markets. These limits differ from €1m or higher for corporate bonds and €25m or higher on government bonds.

What is the minimum trade size?

Bonds have different minimum trading sizes which can be as high as 50k, 100k or 200k in the relevant currency. You can see the minimum trading sizes and increment on each bond under account > Trading conditions as well as on the trade ticket. However, there are bonds which trade in lower sizes, which will also be available (a minimum limit of 10k in € or $ on all online bonds applies even if the underlying minimum trade unit for the bond is lower).

Can I trade at the price I see on the platform?

The price you will see on the platform for an online bond in the trade ticket is a live indicative price based on indicative OTC bond market prices. For this reason, actual trading prices may differ from this price. For more information please see “How does a market order work”. Furthermore, the price used in the account summary of your account is an indicative end-of-day price which may be different from actual trading prices as well as the price you will see in trade tickets.

How does a market order work?

If we do not receive a price which is better or at the maximum limit price (the live indicative price described above), the order will automatically be cancelled or killed. In this case, feel free to contact Saxo to enquire about the possibility of trading the specific bond offline. The kill will take place after 30-45 seconds, depending on the specific bond market.

What happens if an order gets killed?

If we do not receive a price which is better or at the maximum limit price (the live indicative price described above), the order will automatically be cancelled or killed. In this case, feel free to contact Saxo to enquire about the possibility of trading the specific bond offline. The kill will take place after 30-45 seconds, depending on the specific bond market.

How does a limit order work?

When placing a limit order, it will automatically be routed to the most relevant of the available exchanges. Limit orders are typically used for placing orders outside or in the middle of a spread, or for a specific limit. Limit orders work only on an exchange and therefore there can be examples of no execution on any exchange due to lack of liquidity, while there is a possibility to fill a market order (where liquidity is not based on exchanges but the OTC bond market). It is possible to set the duration of a limit order.

Which bonds can you place limit orders for?

Limit orders only work for selected bonds that have sufficient liquidity on exchanges. For more information on the availability of limit orders on exchanges please contact us.

Are other order types available?

There are currently no other order types available for online bond trading.

Can there be partial fills?

Both the limit order system and the market order system operate on the basis of an all-or-nothing framework, so that all orders are either filled 100% or not. Thus no partial fills are possible.

How are the orders handled?

The order handling is fully digitalised and with the use of robotics, the price discovery and execution is optimised for a superior client experience.

What are the costs of the trade?

Commissions for bond trading are as follows:

Market Standard Active*

European government bonds

0.20%
(minimum 80 EUR)**

0.05%
(minimum 50 EUR)**

US Government bonds

0.20% ***
(minimum 80 EUR)**

0.05%***
(minimum 50 EUR)**

European and US  corporate bonds

0.20%
(minimum 80 EUR)**

0.10%
(minimum 50 EUR)**

Emerging Markets bonds

0.20%
(minimum 80 EUR)**

0.10%
(minimum 50 EUR)**

* For active and premium clients – see more under rates and conditions for bonds.
** The equivalent if traded in another currency.
*** For US government bonds there is an external price embedded execution fee for accessing this market.
The fee is as follows from 0.000335% to 0.0004%.

Are there any other costs associated with bonds?

Apart from commissions on bond trades, bond positions are also subject to custody fees.

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All Academy learning material is developed by our own experts, and we collaborate with our clients on the most relevant material to develop next. That means you will always have the latest information to empower your trading. Join the Academy and help it grow!

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You may see information about Contracts for Differences (“CFDs”) in the above website; however, you should not take this as SCMHK proposing or advising clients to trade such product. Trading CFDs is not available to clients of SCMHK.

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Product Risk

Saxo Capital Markets is required to categorise investment products offered to retail clients depending on the product's complexity and risk as: green, yellow or red.

Bonds are categorised as either green, yellow or red products depending on the individual instrument. Please see the "Product Risk Categorisation".

Bonds Disclaimer
For most bonds, in particular corporate bonds, bid and offer prices are not public available and transparent, as the majority of trading takes place outside regulated marketplaces. Bonds are traded OTC with Saxo Capital Markets as counterpart, and OTC trading conditions apply. Please see Saxo Capital Markets' execution policy for further information.

None of the information contained herein constitutes an offer or an attempt to offer to purchase or sell a financial instrument, or to make any investments. Saxo Capital Markets HK Limited is not responsible for and not liable to any loss arising from any investment based on any recommendation, forecast or any other information contained herein. Leveraged investments in foreign exchange or derivatives can be speculative and carry a high degree of risk which may result in significant gains or losses. Investors should carefully consider their financial situation and consult their independent professional advisors as to the suitability of their situation prior to making any investments.

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