€738 billion: record euro issuance in 12 months

Leverage loans. The next trigger?

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).

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.