Powered by

Global High Yield Bond Volume ($bn) by Currency (1 Jan - 8 Apr)

April 11, 2016

By Andrea Krok

$1.02tr: US marketed DCM down 9% Y-o-Y

US marketed DCM volume has surpassed the $1tr mark in 2016 YTD, with $1.02tr issued so far this year. Despite crossing this threshold, volume is down 9% year-on-year, to the
lowest YTD level since 2009 ($985.7bn)

Issuance in April ($273.1bn), however, accounted for a 27% share of total volume in 2016 YTD, the second highest YTD April share on record, after 29% in 2008. The average YTD share of April volume is 22% over the last five years. April 2016 volume was boosted by the $16.5bn sovereign bond priced by Republic of Argentina, the biggest Emerging Markets syndicated bond on record

April 2016 US marketed DCM activity totaled 902 deals, the third highest monthly level over the last 12 months (931 deals in March 2016 and 983 deals in April 2015)

$220.2bn: FIG issuance lowest since 2013

US marketed FIG issuance of $220.2bn in 2016 stands at the third highest YTD volume on record, behind 2014 ($232.8bn) and 2015 ($221.0bn). April accounted for 28% ($62.1bn) of FIG volume, the second highest YTD April share since 44% in 2008 ($69.8bn)

HSBC priced a $7.0bn investment grade bond on March 1, which stands as the largest US marketed FIG issuance so far this year

$33.0bn: April HY volume highest since May 2015

US marketed high-yield (HY) issuance of $77.6bn has dropped 43% year-on-year to the lowest YTD level since 2009 ($20.7bn). April volume ($33.0bn) accounts for 43% of the total so far in 2016 and marks the highest monthly volume since May 2015 ($36.6bn)

4 of the 5 biggest US marketed high yield bonds of 2016 were issued in April, including Western Digital ($5.2bn), the largest so far this year, and Numericable-SFR ($5.2bn), the largest single tranche high yield syndicated bond on record globally

Net revenue for US marketed high yield bond has decreased 48% year-on-year to $935m in 2016, from $1.8bn in 2015 YTD and marks the lowest YTD total since 2009 ($309m)

JPMorgan tops US marketed bookrunner ranking

JPMorgan leads the US marketed DCM bookrunner ranking in 2016 YTD with a 10.5% market share. Bank of America Merrill Lynch and Citi follow with 10.0% and 9.7%, respectively

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close