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Bond issuance began to turn a corner in a handful of regions and sectors during the second quarter as the strain on primary markets from economic and inflationary fears appeared to ease. The recovery followed the collapse in supply over recent quarters, triggered by higher interest rates, the withdrawal of central bank support and wider market volatility.

The changing macroeconomic environment can still be seen in overall tempered supply volumes, however. Global bond sales totaled USD 1.62trn in 2Q23, flat on the same period last year. For the first six months of 2023, bond issuance fell 10% to USD 3.54trn compared with the same period last year.

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