Getting a fixed income deal out the door is rarely the hard part. The real challenge is everything that follows. Settlement still takes two or three days, with the asset and cash legs moving separately, so capital sits idle and counterparty risk hangs around until both sides clear. Coupon calculations, payments, and maturity redemptions still run through spreadsheets and handoffs. Minimums often sit at $100K or higher, so a lot of demand never reaches the paper.
