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SIFMA today published its Research Quarterly Report for the second quarter of 2015. This report compiles statistics, including issuance data, for a broad range of asset classes across the U.S. capital markets. The full report is available at the following link:
http://www.sifma.org/research/item.aspx?id=8589956067
Highlights of the report include:
Total long-term securities issuance was $1.76 trillion in 2Q’15, a 3.1 percent increase from the $1.71 trillion issued in 1Q’15 and a 10.1 percent increase from the $1.6 trillion issued in 2Q’14. Issuance increased from the previous quarter across all asset classes except for federal agency, asset-backed and equity.
Long-term public municipal issuance volume came in at $110.4 billion for 2Q’15, a 6.2 percent increase from 1Q’15 ($104.0 billion) and 32.7 percent increase from 2Q’14 ($83.2 billion).
Total gross issuance of Treasury bills and coupons, with cash management bills, Floating Rate Notes and Treasury Inflation-Protected Securities included, was $1.69 trillion in 2Q’15, which was unchanged from 1Q’15 and a 1.1 percent decrease from 2Q’14 ($1.71 trillion).
Federal agency long-term debt issuance was $88.9 billion in the second quarter, compared to $130.19 billion in 1Q’15 and $69.4 billion in 2Q’14.
Mortgage-related securities issuance, which includes agency and non-agency passthroughs as well as collateralized mortgage obligations (CMOs), reached $441.2 billion in 2Q’15, a 27.0 percent increase from 1Q’15 ($347.5 billion) and a 44.7 percent gain over 2Q’14 ($304.9 billion). Increases were driven entirely by improvements in agency issuance.
Asset-backed securities (ABS) issuance reached $60.1 billion in 2Q’15, falling 2.7 percent from 1Q’15 ($61.8 billion) and14.8 percent from 2Q’14 ($70.6 billion). The auto industry continued to lead issuance totals with $27.7 billion (46.1 percent of total 2Q’15 issuance), followed by credit cards ($8.8 billion, or 14.7 percent).
Corporate bond issuance stood at $442.6 billion in the second quarter, a 1.7 percent increase from 1Q’15($435.0 billion) and 3.5 percent above 2Q’14 ($427.8 billion). Both the investment grade and high yield issuance showed quarterly increases with high yield bonds’ issuance increasing at a slightly faster pace.
Equity underwriting fell 9.5 percent to $81.0 billion in 2Q’15 from $89.5 billion in 1Q’15 and down 14.2 percent from 2Q’14, but was 13.3 percent above the five-year average of $71.5 billion.
