Credit Research Can Drive More Revenue Than You Think

Equities teams have mastered the art of turning content into cash. Because it sits directly on top of revenue, the sell side invests heavily in the machinery that converts every note, call, and meeting into dollars. In credit, most institutions have not historically prioritized content monetization in the same way.

In this post, I'll make the case of why it’s time to shift the mindset around monetizing credit content.

Credit markets operate differently than equity markets, but that doesn’t mean that content can’t be monetized. After the financial crisis, when money stopped falling from the sky and suddenly every resource had to justify its existence, my colleagues and I spent nearly a decade building the infrastructure to unlock the commercial power of credit research. That work proved something important: monetization is absolutely possible; it just requires a model tailored to how these markets actually function.

The foundation is simple: clean client records, consistent interaction capture, smart tagging, clear client segmentation, and access to detailed historical trading data. Once those pillars are in place, even lightweight analytics can become powerful: helping allocate resources, surface trading opportunities, guide strategic conversations, signal early shifts in client behavior, and sharpen internal performance management (see below for further details on this).

And the economics are compelling. High-yield and EM remain voice-driven and opaque, one of the last places where traders can still capture a quarter, half, or even full points on a trade. Even a small percentage of well-connected block trades per trader can move the revenue needle meaningfully. Meanwhile, data-backed engagement builds credibility and trust, earning you more looks at the off-screen, high-margin opportunities that actually matter. Credit content monetization doesn’t need to look like equities; in fact, it shouldn’t. It’s about designing a system that plays to the dynamics of the market.

If you’re running a credit research operation and want to build (or rebuild) these capabilities, I’d love to talk.

Credit research can drive more revenue than you think.

KTB

Credit Research Analytics: Use Cases

• Resource Allocation

  • Which accounts use your analysts more than they should based on their trading revenues? Which accounts can we deepen our relationship with by gaining mindshare through content, events, and trips?

  • We have a high-value opportunity to connect clients with an external resource - who should we offer this opportunity to based on likely behavior on the back end?

    
    

• Trading Opportunities

  • Who engaged in discussions about XYZ ticker in the past month? We’re looking for a seller—how many of those clients expressed a bearish outlook?

  • We see that our analyst hosted a dinn

    er with XYZ company that you were in attendance at. What did you learn, and is there business to do?

    
    

• Strategic Conversations

  • Your firm’s research usage far exceeds your trading activity with us. Why? We know you have best ex requirements, but can we be asked for bids more frequently (IG)? Can we explore opportunities to increase visibility on your block trades (HY/EM)?

    
    

• Leading Indicators

  • A high-yield account is suddenly engaging with our Brazil corporates analyst. Are they considering a shift into LatAm corporate bonds?

    
    

• Internal Performance Evaluations

  • Which analysts are resonating with priority clients, and who may need support? Which salespeople effectively connect clients with research, and who could improve?