Category Archives for "Primary Euro Bond Market Data"

6th July 2017

IG Non-Financial Deals

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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3rd January 2016

High Yield Corporate Bond Issuance

Data provided by Dealogic

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

The low rate/yield environment along with a low default rate since 2009 have given confidence to investors to push down the credit curve as corporate bond yields have declined in the investment grade market. The disintermediation trend has been witnessed in this market too, such that HY issuance has averaged almost Eur47bn per year since 2013, with 2014’s record year for issuance – finally surpassed this year – and still with two months to go.

October was a super month with supply approaching €14bn making it the best individual month since at least 2014. The total to the end of October comes in at a record €61.8bn.


MiFID II Countdown

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ii) Monthly HY Corporate Bond Issuance

High yield supply for the opening ten months comes in a little shy of €62bn making 2017 a record year for issuance in the high yield market. It has been an excellent period for the market as a whole, with spreads and yields at record tights/lows and therefore boosting the cost of funding for issuers to record low levels too. With the pipeline still fairly heavy, we must be looking at upwards of €67bn in total supply for the full year.

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 Countdown

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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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A searchable table with details of all the deals since 1 July 2017 can be seen 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).

Q1 volumes were particularly high as we ought to have expected given the extreme bullishness – into the ECB QE actions – of the sovereign and corporate bond market. With rates/yields increasing in the US now, and forecast to a little higher against lower yields (possible rates) in the Eurozone then we could reasonably expect a fairly significant level of borrowing again from US entities in European debt markets. Still, the long-term average has been 14-15% and we might well revert back to that depending on how US economic policy plays out.


 

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 has made banks more wary of lending and conditions remain strained despite much political interference – with even negative central bank deposit rates failing to lift the lending gloom – by much. More of the same we think through 2017 although senior non-proffered deals might become all the rage as TLAC considerations become increasingly important.


MiFID II Countdown

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ii) Senior Financials Monthly Supply

 

Senior financials eventually delivered a paltry €8bn of issuance in October 2017, with little in the final two weeks of the month.

The erratic supply dynamic leaves the total for the first ten months of issuance at just €123bn. And for the full-year? €140bn, perhaps.

More Charts: Investment Grade Issuance | High Yield Issuance