Bond markets are still on track to beat their volume totals of the past two years despite activity cooling in 2Q24. With almost USD 3trn of 2024 maturities still to refinance, capital markets are likely to be busy for the rest of the year.
After racing out of the blocks in 1Q24, bond issuance slowed in 2Q24, with volume tumbling 27% year-on-year to USD 1.92trn globally, ranking as the third slowest second quarter since 2019, according to Dealogic data. While this may be disappointing given hopes that issuance would recover this year after two relatively barren years, thanks to the strong start in January and February, 1H24 volumes are still higher than those in 1H23 and 1H22.
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