Santander Corporate & Investment| July’s issuance already exceeds that of the whole of July 2022, as the latter was an atypically inactive month, particularly on the corporate issuers’ side. In the first two weeks of July, €18 billion has been issued, surpassing the €16 billion for the entire month of July 2022, which was a record low in recent years and well below the €42 billion average for the months of July 2015-2021. The biggest drop in July last year was in corporate issuance, at just €6 billion, just over a quarter of the €22 billion average for the months of July 2015-2021. Turning to July’s issuance, senior corporate issuance led the way with €7 billion, followed by €5.3 billion of senior financial issuance, €3.8 billion of covered bonds and €2.2 billion of HY corporate issuance. By geography, the most active corporate issuers are from peripheral countries, with €5.3 billion (€2 billion from Ireland, €1.8 billion from Spain and €1.5 billion from Italy), while at the sector level, industry leads the primary sector with €3 billion. In financials, German and Spanish institutions lead with €2.75 billion and €1.75 billion respectively.