This has been a record start to the year, with €450,000 million in issuance. This exceeds the €422,000 million of the previous best start, in 2020, thanks mainly to the also record volume of €287,000 million of financial issues.
Within financial issuance, the €124,000 million of covered bond issuance also marked a record start to the year, surpassing the previous record of €110,000 million last year and almost doubling the €66,000 million average YTD volume of 2016-21.
Senior preferred bank issues also grew strongly (+92% to €62,000 million), as did subordinated issues (+83% in T2 debt to €17,000 million and +165% in AT1s to €8,000 million). Lastly, senior bail-in debt issues grew but by a smaller amount: +14% to €62,000 million.