The backdrop for global bond issuance suggests FY24 volumes could surpass those achieved in 2022 and 2023 as annual global issuance trends towards the record highs achieved in 2020. Increased refinancing activity, large LBO activity and rampant CLO formation have all been beneficial, while interest rate cuts and the tight trading range of the iTraxx Crossover have also boosted momentum.
Global bond issuance volume in YTD24, based on year-to-date data to 20 September, suggests that volumes in the year so far have already exceeded volumes achieved in the whole of 2023. Bond issuance volumes for YTD24 of USD 6.958trn are based on a deal count of 21,537 and remain above the USD 6.605trn in FY22 and USD 6.682trn in FY23. However, volumes still remain below USD 9.112trn in FY20 and USD 9trn in FY21.
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