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Xtrakter, the fixed income specialist, released the following figures today: End of year fixed income new issuance was valued at USD 3.7, Euro 2.6 trillion for 2009, representing an 8.2% (USD 280, EURO 195 billion) rise on 2008 figures. During the same period asset backed new issuance accounted for 12.6% (USD 469, EURO 289 billion) of all issues and the size of the international capital market rose by 14.8% (USD 2.0, 1.4 EURO trillion) to a total of USD 14.7, EURO 10.3 trillion.
Yannic Weber, Chief Executive Officer, Xtrakter commented: “In line with market expectations, 2009 saw a rise in sovereign new issuance; this demand was primarily driven by the need to support differing liquidity schemes and stimulate the financial markets. As related economies start to recover, it is likely such liquidity measures will dry up and we will see an increase in corporate new issuance.”
The Euro was again the preferred currency in 2009 capturing 48.8% (USD 1.8, EURO 1.2 trillion) of total fixed income new issuance; US Dollar was selected for 37.9% (USD 1.4 trillion, EURO 982 billion) and Pound Sterling was chosen for 6.6% (USD 246, EURO 171 billion)
The top 10 issuers in 2009 (excluding government domestic issues) were:
Freddie Mac (USD 143, EURO 99 billion), Fannie Mae (USD 105, EURO 73 billion), KFW (USD 100, EURO 69 billion), Federal Home Loan Banks (USD 98, EURO 68 billion), European Investment Bank (USD 94, EURO 65 billion), Lloyds Banking Group (USD 94, EURO 65 billion), SFEF (USD 89, EURO 62 billion), Barclays Bank (USD 68, EURO 48 billion), Royal Bank Of Scotland (USD 63, EURO 44 billion) & Rabobank Nederland (USD 51, EURO 36 billion).
The following 2009 corporate issuers were also noted:
General Electric Capital (USD 31, EURO 21 billion), Pfizer (USD 24, EURO 17 billion), Roche Holdings inc (USD 22, EURO 15 billion), Electricite De France (USD 22, EURO 15 billion), Shell Intl Finance (USD 18, EURO 13 billion), Volkswagen Intl Finance (USD 17, EURO 12 billion), BMW Finance (USD 13, EURO 9 billion) & Toyota Motor Credit (USD 11, EURO 8 billion).
In 2009 asset backed new issuance declined by 46.9% (USD 414, EURO 289 billion ) to USD 469, Euro 327 billion with large decreases recorded in Q2 (-54.1%), Q3 (-39.9%) & Q4 (-60.3%) when compared against related 2008 data.
When further analysing Q4 2009 figures against Q4 2008 fixed income new issuance declined overall by 5.6 % (USD 48, EURO 33 billion) to USD 804, EURO 561 billion. During the same period new issuance in Pound Sterling fell by 76.3% (USD 148, EURO 103 billion) to USD 46, EURO 32 billion and issuance in US Dollars rose by 85% (USD 159, EURO 111 billion) to USD 346, EURO 241 billion.
When reviewing denominated currency preferences in 2009 compared with 2008, the following was noted:
JPY – Japanese Yen declined by 34.1% (USD 23, EURO 16 billion) to USD 45, EURO 31 billion
NOK – Norwegian Krone rose by 309% (USD 15, EURO 11 billion) to USD 20, EURO 14 billion
HKD – Hong Kong Dollar rose by 56.5% (USD 4, EURO 3 billion) to USD 11, EURO 8 billion
AED – United Arab Emirate Dirham declined by 84.8% (USD 7, EURO 5 billion) to USD 1.3 billion, EURO 0.9 billion
The data for this market analysis is provided by TRAX, Xtrakter’s trade matching and regulatory reporting system for the OTC market.
For more information, charts and a full breakdown of the top issuers visit www.xtrakter.com
