UBS Warburg and Morgan Stanley are the best liquidity providers in the sterling corporate bonds market, according to a new survey of fixed income investors.

The survey by Credit, a monthly bond market publication, canvassed 22 investors representing about 90% of the sterling corporate bond market. They were asked how well lead managers support their own new issues and other new issues in the secondary market in bonds rated between AA and BBB. Triple-A bonds tend to be very liquid and there are very few junk bonds, so they were excluded.