SIFMA US Quarterly Highlights 2Q 18. SIFMA Research, July 11, 2018
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1 SIFMA US Quarterly Highlights 2Q 18 SIFMA Research, July 11, 2018
2 US Capital Markets Issuance 2Q 18 HIGHLIGHTS Municipal bond issuance totaled $97.1 billion in 2Q 18, up 49.6% from 1Q 18. Long-term Treasury bond issuance totaled $662.5 billion in 2Q 18, up 14.2% from 1Q 18. Mortgage-related securitizations totaled $410.1 billion in 2Q 18, down 8.2% from 1Q 18. Corporate bond issuance totaled $392.5 billion in 2Q 18, up 1.9% from 1Q 18. Of total 2Q 18 issuance, $344.2 billion was investment grade and $48.3 billion high yield. Federal agencies issuance totaled $181.3 billion in 2Q 18, up 3.5% from 1Q 18. Asset-backed securitizations totaled $94.3 billion in 2Q 18, down 5.7% from 1Q 18. Equity issuance totaled $60.1 billion in 2Q 18, down 6.2% from 1Q 18. Of total 2Q 18 issuance, true IPOs totaled $14.2 billion, down 12.8% from 1Q Issuance in US Capital Markets :Q2 $ Billions Q2 Issuance Highlights $ Billions 2018:Q2 2018:Q1 Q-o-Q % Change 2017:Q2 Municipal Treasury Mortgage- Relat ed Corporate Agency Asset- Backed Equity Y-o-Y % Change Municipal % % Treasury % % Mortgage-Related % % Corporate % % Federal Agency % % Asset-Backed % % Equity % % Sources: Bloomberg, Dealogic, Thomson Reuters, US Department of the Treasury, US Agencies, SIFMA 1
3 US Capital Markets Issuance by Market Segments 2Q 18 \ 2
4 US Capital Markets Trading Volume - 2Q 18 HIGHLIGHTS Municipal bond average daily trading volume was $12.0 billion in 2Q 18, up 5.4% from 1Q 18. Treasury bond average daily trading volume was $532.3 billion in 2Q 18, down 6.5% from 1Q Average Daily Trading Volume in US Capital Markets :Q2 $ Billions Municipal Treasury Mortgage- Relat ed Mortgage-related average daily trading volume was $226.3 billion in 2Q 18, down 2.7% from 1Q Corporate Agency Corporate bond average daily trading volume was $32.5 billion in 2Q 18, down 9.1% from 1Q Asset- Backed Equity Of total 2Q 18 corporate average daily trading volume, IG was $21.0 billion and HY averaged $11.5 billion. Federal agencies average daily trading volume was $3.1 billion in 2Q 18, down 14.2% from 1Q 18. Asset-backed average daily trading volume was $1.4 billion in 2Q 18, down 19.7% from 1Q 18. Equity average daily trading volume was $330.8 billion in 2Q 18, down 13.4% from 1Q Q2 Average Daily Trading Volume Highlights $ Billions 2018:Q2 2018:Q1 Q-o-Q % Change 2017:Q2 Y-o-Y % Change Municipal % % Treasury % % Mortgage-Related % % Corporate % % Federal Agency % % Asset-Backed % % Equity % % Sources: BATS Global Markets, FINRA Trace, MSRB EMMA, Federal Reserve Bank of NY 3
5 US Capital Markets Outstanding- 1Q 18* HIGHLIGHTS Municipal bonds outstanding totaled $3.84 trillion at end- 1Q 18, down 0.5% from 4Q Outstanding in U.S. Capital Markets :Q1 $ Billions Municipal Treasuries totaled $14.93 trillion outstanding at end-1q 18, up 3.2% from 4Q Treasury Mortgage- Relat ed Mortgage-related securitizations outstanding totaled $9.38 trillion at end-1q 18, up 4.6% from 4Q Corporate Agency Corporate bonds outstanding totaled $9.07 trillion at end- 1Q 18, up 0.9% from 4Q 17. Federal agency securities outstanding totaled $1.91 trillion at end-1q 18, down 1.1% from 4Q 17. Asset-backed securitizations outstanding totaled $1.47 trillion at end-1q 18, unchanged from 4Q 17. Equity market capitalization of domestically listed companies totaled $33.07 trillion at end-1q 18, up 3.0% from 4Q 17. Money markets outstanding totaled $1.05 trillion at end- 1Q 18, up 8.5% from 4Q Q1 Outstanding Highlights $ Billions 2018:Q1 2017:Q4 Q-o-Q % Change 2017:Q1 Asset-Backed Equity Y-o-Y % Change Municipal 3, , % 3, % Treasury 14, , % 13, % Mortgage-Related 9, , % 9, % Corporate 9, , % 8, % Federal Agency 1, , % 1, % Asset-Backed 1, , % 1, % Equity 33, , % 28, % Repo markets outstanding totaled $3.93 trillion at end-1q 18, down 4.8% from 4Q 17. * Outstanding data lags by a quarter. Sources: Bloomberg, Federal Reserve, US Department of the Treasury, US Federal Agencies, World Federation of Exchanges 4
6 Terms of Use The report is subject to the Terms of Use applicable to SIFMA's website, available here: SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit To view more statistics and reports from SIFMA Research, visit 5
SIFMA US Quarterly Highlights 2Q 17. SIFMA Research, July 7, 2017
SIFMA US Quarterly Highlights 2Q 17 SIFMA Research, July 7, 2017 US Capital Markets Issuance 2Q 17 HIGHLIGHTS Municipal bond issuance totaled $105.3 billion in 2Q 17, up 15.4% from 1Q 17. Long-term Treasury
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