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 to perhaps in excess of €62bn (see below).
MiFID II is HERE
ii) Monthly HY Corporate Bond Issuance
|∑ = 57.12||∑ = 48.55||∑ = 48.98||∑ = 75.02||∑ = 62.19||∑ = 50.68|
|Avg = 4.76||Avg = 4.05||Avg = 4.08||Avg = 6.25||Avg = 5.18||Avg = 4.22|
It’s taken 17-months, but we finally have high yield issuance in a month breaking through the €10bn barrier. September’s total came in at €11.2bn and the best monthly total since April 2018’s €11.4bn. For the year to end September, we’re up at €48.6bn and we believe on course to exceed (against our previous expectations) 2018’s total of €62bn – which was the second-best year for issuance on record.
For fully searchable individual HY deal data, click here.