Santander : Issuance of €738 billion YTD (year to date) continues to set an all-time record for the last few years, thanks to record financial issuance. This year’s financial issuance of €434 billion surpassed the previous record of €379 billion in 2022 YTD. Within these, the €183 billion of covered bond issuance was also above the previous record of €176 billion last year.
This year’s corporate issuance of €303mm exceeds that of all of 2022 (€281mm), although it is below the 2016-2021 YTD average of €333mm. Recall that corporate issuance fell sharply last year (-37% to €281 billion) and hit an annual low (since 2013) in the face of the Russian invasion of Ukraine and the rate hike cycle.
By type of debt, HY issues reached €34 billion and double the €17 billion of 2022 YTD; while senior IG issues grew +29% to €254 billion and hybrids +48% to €15 billion.
By country, German companies lead this year’s primary with €61mm, followed by French (€56mm), UK (€46mm) and US (€37mm).
