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Alternative Market Briefing

Global debt capital markets activity has record breaking first half

Wednesday, July 01, 2020

Bailey McCann, Opalesque New York:

Global debt capital markets activity has broken all time records according to the latest first half data from Refinitiv. Overall global debt capital markets activity totaled $5.5 trillion during the first half of 2020, a 35% increase compared to the first half of 2019 and the strongest opening six-month period for global debt capital markets activity since records began in 1980. The number of new offerings brought to market during the first half of 2020 surpassed 13,000 for the first time on record.

Second quarter 2020 debt issuance registered a 52% increase compared to the first quarter of 2020. That makes the largest three-month period for activity on record.

US investment grade corporate debt has also surpassed 2019 levels. US offerings totaled $1.2 trillion during the first half of 2020, more than double first half 2019 levels and the strongest first half for US high grade issuance since records began in 1980.

The global high-yield market has also hit new highs. According to the report, global high yield debt reached $251.4 billion during first half 2020, an increase of 22% compared to first half 2019 and the strongest opening six month period for global high yield issuance since 2014.

The growth in high-yield is also reflected in fund flows according to data from EFPR. High yield bond funds extended their current inflow streak to 13 weeks and $71.5 billion. Total return bonds attracted fresh money for the seventh ti......................

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