Category Archives for "Primary Euro Bond Market Data"

21st November 2017

IG Non-Financial Deals – USE THIS CODE WHEN PREMIUM

Detailed supply data for the Primary bond market is recorded here, starting July 2017. Use the filters located at the bottom of the table to search within the data, and the charts below will adjust to your search parameters. You can also download the data in spreadsheet format  or PDF. Use the Columns filter to show/hide information.

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IG Issuance

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IG Fund Ratings

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IG Spreads

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6th July 2017

IG Non-Financial Deals

Detailed supply data for the Primary bond market is recorded here, from July 2017. Use the Columns filter to show/hide information & the charts below will adjust to your search parameters.

IG Non-Financial Deals are listed under here

Need to view the table and analysis information for all Investment Grade Non-Financial deals? This bond research data is only available to creditmarketdaily.com’s subscription members.

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IG Issuance

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IG Fund Ratings

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IG Spreads

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3rd January 2016

High Yield Corporate Bond Issuance

Data provided by Dealogic & Credit Market Daily

The bar graphs below illustrate the trend in the growth and trends in corporate bond issuance in the euro-denominated bond market.

i) HY Corporate Bond Issuance Since 2003

We might have had zero issuance in high yield in December and just €1.8bn in November, but we still managed €62bn for the full year in 2018. Coming home on the heels of that record supply in 2017 of €75bn, the year was a good one nevertheless. As we headed into 2019, our view was that we would see just €45bn of deals in the high yield market. However, we are already forced to revise that target level and we could be on for a record year (see below)!


MiFID II is HERE


 

ii) Monthly HY Corporate Bond Issuance

We closed November recording the best month for issuance in the European high yield market, as €15.2bn was issued which took the 11-month total to €72.8bn. It has left the market needing just €2.2bn in December for a fresh annual record for issuance.

The market will slow in December, but we are of the opinion that €2.2bn could get away in the high yield market before it closes at the end of the second week of the month. Interestingly, the volume of deals both in IG and HY has failed to dent the performance of the market as highlighted above.

For fully searchable individual HY deal data, click here.


 

More Charts: Investment Grade Issuance | Senior Financials Issuance

3rd January 2016

Investment Grade Corporate Bond Issuance

Data provided by Dealogic & CreditMarketDaily.com

The bar graphs below illustrate the trend in the growth and trends in issuance in the euro-denominated corporate bond market.

i) Investment Grade Corporate Issuance Since 2003

The financial crisis has ultimately been seen to have helped promote the corporate bond market as a major financial asset class. Zero policy rates and subsequent low bond yields have seen funds shift into the corporate bond market as investors search for ‘safe’ higher-yielding assets. Corporate bonds have been the chief beneficiary and the huge disintermediation in funding for the corporate sector has enabled the euro-denominated corporate bond market to grow in size from just Eur700bn in 2007 to over Eur2trn now.


MiFID II is HERE


 

IG Deals

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IG Fund Ratings

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IG Spreads

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ii)  Monthly Investment Grade Corporate Issuance

 

Need to view the chart and analysis for monthly IG Corp issuance? This bond research data is only available to creditmarketdaily.com’s subscription members.

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All the deals for the current month can be found here.


iii) US Corporate Borrowers as a % of Total Euro IG Issuance

A big theme in 2015-16 was the amount US-domiciled corporates funded in the euro-denominated debt markets. As shown in the chart above, it was a record 26% of the total volume in 2015 and 22% in 2016. Low rates everywhere, but lower in Europe along with low spreads made it attractive for US corporates to borrow in euros (even when swapped back to dollars).

That dropped to 16% in 2017, and that is close to the long-term average. For 2018, we dropped back to 12% of US-domiciled borrowers accessing the debt capital markets here. For the first half of 2019, the figure stands at a stunning 30.3% of the market at end November.


 

More Charts: High Yield Issuance | Senior Financials Issuance

31st December 2015

Senior Financials Corporate Bond Issuance

Data provided by Dealogic

The bar graphs below illustrate the trend in the growth and trends in issuance in the euro-denominated corporate bond market.

i) Senior Financials Issuance Since 2003

The all singing, all dancing days of senior issuance pre-financial crisis – are over. Admittedly, back then a fair portion of the supply was front-end in terms of maturity and league table motivated, but we have seen a material decline in senior issuance levels. The banking sector, quite simply, doesn’t need the money.

The difficult macro outlook had made banks more wary of lending but conditions and the outlook are less strained now. Nevertheless, we think we will only see issuance at around the average level established over the past few years, while senior non-proffered deals – as TLAC considerations become firmly entrenched – will be main senior funding structure now on.


MiFID II is HERE


ii) Senior Financials Monthly Supply

 

The senior supply metrics, with issuance for the year at €162.6bn, has already seen this year as being the best since 2015 (€162bn) and we are on course for somewhere in the region of €165 – €170bn – even when taking into account the usual seasonal slowdown in funding. November’s issuance of €16.5bn was the also the best such month since 2014.

 

More Charts: Investment Grade Issuance | High Yield Issuance