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