2023 issuance reaches €860 billion, second all-time high

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Issuance in 2023 reached €860 billion, marking the second highest annual issuance ever, behind only €869 billion in 2019. By country, French companies lead this year’s primary with €75 billion, followed by German (€66 billion), UK (€52 billion) and US (€45 billion) companies.

This year’s financial issuance of €499 billion exceeds the €490 billion for the whole of 2022 and is above all annual issuance since 2008. Within financials, the largest rebound was in senior preferred bank issues (+27% year-on-year to €105 billion), followed by AT1s (+38% to €13 billion). Other assets recorded a slight fall in issuance: -5% covered bonds to €208 billion, -6% senior bail-in to €108 billion and -8% T2 to €34 billion.

This year’s corporate issuance of €361mm is higher than the €281mm for the whole of 2022, but below the 2016-2021 YTD average of €410mm. Recall that corporate issuance fell sharply last year (-37% to €281mm) and hit an annual low (since 2013) in the face of the Russian invasion of Ukraine and the rate hike cycle.

Corporate issuers are being more active this year but this year’s €361mm is still below the €410mm of previous years (2016-2021 YTD). By type of debt, HY issues reach €41mm and more than double the €19mm of 2022 YTD; while senior IG issues are up +22% to €303mm and hybrids +36% to €17mm.

By sector, Utility&Energy leads the year’s issuance with €70mm (+10% year-on-year), followed by Industry’s €60mm and Autos’ €47mm. On the other side of the scale, Consumer Products (-15%) and Healthcare (-7%) recorded declines.

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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.