Market Maker

Construct the machinery behind a sovereign bond market. Supply enters the issuance book, passes through distribution and funding infrastructure, and is absorbed by distinct buyer channels.

ANNUAL FUNDING $120bn

DEBT STOCK $1.20tn

POLICY ANCHOR 4.00%

ISSUANCE MIX 40 / 30

SUPPLYSOV/120/40-30/5LABSORPTION

MARKET SWITCHYARD

Pull a function out of the market.

THE MACHINE RECONFIGURES LIVE

01 / PRIMARYDEALER NETWORKAuction distribution + inventory 02 / FUNDINGREPO RAILCollateralized inventory financing 03 / DURATIONREAL-MONEY SINKPensions + insurers 04 / EXTERNALFOREIGN BIDMarginal external absorption 05 / MONETARYCOLLATERAL FRAMEWORKCentral-bank liquidity layer

Benchmark issuance ladderMATURITY ARCHITECTURE · NOT FORECAST

Architecture diagnosticsDETERMINISTIC

DEALER LOAD10%

LONG DURATION30%

FRONT END40%

BUYER CHANNELS2

NO STRUCTURAL BOTTLENECKDiversified absorption channels are present.