Record start to the year: €450,000 million in bond issues

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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.

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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.