Illiquid summer season is approaching, and the slowdown in issuance and trading may be even more pronounced this year.

Wall Street's bearish stance on U.S. Treasuries is not paying off.

Wall Street's bearish stance on U.S. Treasuries is not paying off.

SEC probes into the bond market were prompted in part by lopsided growth since 2008; the two largest firms now manage $3 trillion in bonds.

SEC probes into the bond market were prompted in part by lopsided growth since 2008; the two largest firms now manage $3 trillion in bonds.

SEC said to be examining the way in which electronic bond-trading platforms give different prices to different clients, potentially hurting smaller investors.

SEC said to be examining the way in which electronic bond-trading platforms give different prices to different clients, potentially hurting smaller investors.

Despite tensions in Ukraine, investors in ETFs are chasing yields on equities and lower-rated bonds.