SIFMA Research Quarterly, Second Quarter 2018

Long-term securities issuance totaled $1.97 trillion in 2Q’18, an 8.4 percent increase quarter-over-quarter (q-o-q) from $1.82 trillion in 1Q’18 and a 2.5 percent increase year-over-year (y-o-y) from $1.92 trillion in 2Q’17.

Long-term public municipal issuance volume including private placements for 2Q’18 was $99.3 billion, up 51.9 percent from $65.4 billion in 1Q’18 and down 8.9 percent from $109.0 billion in 2Q’17.

The U.S. Treasury issued $662.5 billion in coupons, FRNs and TIPS in 2Q’18, up 14.2 percent from $580.0 billion in the prior quarter and 16.1 percent above $570.8 billion issued in 2Q’17.

Issuance of mortgage-related securities, including agency and non-agency passthroughs and CMOs, totaled $461.0 billion in the second quarter, a 2.8 percent increase from 1Q’18 ($448.6 billion) and a 2.1 percent increase y-o-y ($451.5 billion).

Corporate bond issuance totaled $392.5 billion in 2Q’18, up 1.9 percent from $385.0 billion issued in 1Q’18 but down 1.3 percent from 2Q’17’s issuance of $397.7 billion.

Long-term federal agency debt issuance was $180.6 billion in the second quarter, up 3.1 percent from $175.2 billion in 1Q’17 and up 6.4 percent from $169.7 billion issued in 2Q’17.

Asset-backed securities issuance totaled $114.2 billion in the second quarter, an increase of 14.2 percent q-o-q ($100.1 billion) but a 33.1 percent decline y-o-y ($170.6 billion).

Equity underwriting declined by 5.5 percent to $60.6 billion in the second quarter from $64.1 billion in 1Q’18 but increased 13.2 percent from $53.5 billion issued in 2Q’17. Of the total, IPOs accounted for $14.4 billion, down 11.0 percent from $16.2 billion in 1Q’18 but up 62.1 percent from $8.9 billion in 2Q’17.

Read the Report.

September 6, 2018



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