Despite a relatively busy September, which showed faint signs of a possible recovery, EMEA’s 3Q23 issued volume of USD 144.8bn was the lowest figure in the previous five years. The region’s total was 47% below the 2018-22 average and 48% below 3Q22 total volume.
With macroeconomic conditions still challenging, third-quarter volume in the Americas (USD 440bn) was 24% down on the average. While the total held up better than at the height of the pandemic in 3Q20 (USD 316bn), it still marked a 35% decrease against year-on-year (YoY) comparisons.
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