Research Quarterly
The May 2007 Research Quarterly reports that capital market issuance rose to $1.78 trillion in the first quarter of 2007, a 13.0 percent increase over the first quarter of 2006, and equity and high-yield bond sector valuations gain..
U.S. Bond Market Issuance Increases in 2006; Equity Higher Credit Risk Asset Classes Top Performers
U.S. bond issuance reached $6.13 trillion in 2006, the second highest issuance year ever. More information and other data can be found in the February 2007 Research Quarterly.
SIFMA's Research Quarterly also projects bond issuance will remain strong in 2007 but moderate from the 2006 pace, and sees more room for growth in equities, noting the favorable performance in 2006 and into early 2007 with the Dow hitting a new high.
The Securities Industry and Financial Markets Association Research Quarterly reported that U.S. bond issuance reached $4.19 trillion during the first three quarters of the year, slightly above the $4.18 trillion issued during the same period last year. Issuance of corporate bonds and higher credit quality and agency mortgage related securities have increased year-to-date.
The TBMA August 2006Research Quarterly reported bond issuance during the first half of the year hit $2.84 trillion, a 3.1 percent increase from the $2.76 trillion issued in the first half of last year, despite higher interest rates.
The May 2006 Research Quarterly reported that bond market issuance increased to $1.4 trillion in a rising rate environment during the first quarter.
The Bond Market Association today reported U.S. bond issuance rose slightly in 2005 led by a record setting year for asset-backed securities. Total bond issuance reached $5.52 trillion in 2005, an increase over $5.49 trillion issued in 2004. Issuance of asset-backed securities reached $1.10 trillion in 2005, breaking the previous record of $901.5 billion set in 2004. U.S. Treasury issuance, federal agency issuance and corporate bond issuance were all lower in 2005, while strong municipal bond refunding volume led to a record year for municipal securities.
Bond Market Issuance Increase in Q3; RIsing Rates Factor in Q4 Outlook
The Bond Market Association's Research Quarterly reports that the asset-backed securities sector maintained its record pace through the third quarter with issuance jumping nearly 23 percent compared to a year ago, and is almost certain to break the $1 trillion threshold for the year. Overall bond issuance in the third quarter rose about 4 percent from the second quarter to $1.46 trillion
New bond issuance in the U.S. markets rose 3.9 percent to $1.33 trillion in the first quarter of this year, according to the Association's latest Research Quarterly. Recent downgrades of Ford and General Motors' corporate bond credit ratings could potentially lead to increased asset-backed securities issuance.
Bond Market Issuance Hits $1.3 Trillion in Q1 05, Lower than a Year Ago But Higher than Q4 04
The May 2005 Research Quarterly reports total issuance in the first quarter reached $1.33 T, down 9.6% from $1.46T issued a year ago. Excluding agencies, 1Q issuance would have been up year-over-year by $14.3B. Total 1Q issuance, including agencies, was $50B, or 3.9%
U.S. Bond Issuance Lower in '04, stable in q4
Total issuance declined to $5.48T, compared to $6.81T previous year; economic growth continued and interest rates rose. Read more in the February 2005 Research Quarterly.
As growth in the economy took hold and shorter-term interest rates increased, total bond issuance declined almost 20%, falling to $5.48 trillion from $6.81 trillion in 2003. According to the Association's latest Research Quarterly, ABS issuance surged over 50% to a new record in 2004, while MBS issuance declined 42% in 2004.
Issuance Lower in Q3 to $1.24 T; MBS Declines From Last Year's Torrid Pace
Total bond issuance declined through the first three quarters of 2004 from the record pace of a year ago due to a modest rise in interest rates and continued strengthening of the U.S. economy, according to The Bond Market Association’s Research Quarterly. Mortgage-related securities were especially affected by the rate increase Excluding mortgage-related securities, issuance was only 1 percent less than a year ago. Issuance of asset-backed securities, on the other hand, continued at a record-setting pace due to a sharp rise in home-equity issuance. Overall bond issuance for the year totaled $4.2 trillion, a 22.1 percent decline from the same period in 2003.
Total bond issuance declined through the first three quarters of 2004, according to the Association's Research Quarterly while issuance of asset-backed securities continued at a record-setting pace during the first nine months of the year.
The Association releases its 2nd Quarter 2004 Research Quarterly today, showing that U.S. bond issuance kept pace in the second quarter with mortgage-related securities making the biggest jump from the first quarter.
Bond Issuance Stable in Q2 at $1.45 Trillion
Indications of sustained economic growth characterized the market environment during Q2. Despite moderately higher rates, issuance reached $1.45T, compared to $1.46Tin Q1.
Sustained Economic Growth Drives Bond Markets in 2004
New issue activity in the bond markets reached $1.46 trillion in the first quarter , about 15 percent lower than the same period a year ago and relatively unchanged from the fourth quarter of 2003. The year-over-year decline is attributable to slower mortgage market activity following three consecutive record years of mortgage-related securities issuance. Excluding the mortgage market, bond market issuance was higher than a year ago.
Market Rotates to Credit Sensitive Sectors in Q104
New issuance activity in U.S. bond markets reached $1.46 trillion in the first quarter, about 15% lower year-over-year, roughly the same as the 4Q03. Although rising interest rates have slowed issuance from record highs, the quarter was still the sixth highest ever.
Fixed income executives anticipate another strong year and continued growth in the fixed income markets, according to a new survey released at the Association's Annual Meeting.
Rates To Rise Modestly Over the Next Few Quarters
According to the quarterly survey of the Association's Government Securities Research Committee, despite the projected growth of the federal deficit in 2004, the median response predicts a decline of 1.3% in issuance in 2Q over 2003, gross issuance expected to be about 25% higher than a year ago.
Research Quarterly February 2004 - Bond Markets Set Issuance Record in 2003; Interest Rate, Economic Growth Prospects Determine Outlook in 2004
The Bond Market Association's quarterly survey of primary US Treasury dealers predicts that US Treasury debt sales will decline 3% in the first quarter of 2004 compared to the previous quarter.
Research Quarterly - U.S. Bond Issuance Stays on Record Pace
News highlights from November 10, 2003.
Research Quarterly - U.S. Bond Issuance on Record Pace; Higher Rates Pose Second Half Challenge
The Bond Market Association today released its quarterly survey of primary US Treasury dealers, who collectively predict another rise in U.S. Treasury debt sales.
Research Quarterly - U.S. Bond Issuance Continues to Increase in the First Quarter of 2003
The Bond Market Association today released its first Quarterly Government Securities Issuance and Rates Forecast, projecting a sharp increase U.S. Treasury debt sales, with net new issuance of $75 billion of treasury notes in the current quarter, brought about by a rising budget deficit.
News highlights for the week of February 24, 2003.
Research Quarterly - U.S. Bond Issuance Surges to a Record of $5.4 Trillion in 2002
Research Quarterly - U.S. Bond Issuance Continues Record Pace as Volume Surges to $3.8 Trillion Through September
Research Quarterly - U.S. Bond Issuance on Record Pace in the First Half of 2002
Research Quarterly - U.S. Bond Issuance Surges to $1.3 Trillion in First-Quarter 2002
Research Quarterly - U.S. Bond Issuance Hits Record $4.6 Trillion in 2001
Research Quarterly - U.S. Bond Issuance on Pace for a Record Year as New Issues Total $3.2 Trillion Through September
Issuance in the U.S. Bond Market Totals $2.1 Trillion in 2000, February 2001
Issuance in the U.S. Bond Markets Lower, Totals $1.0 Trillion in the First Half of 2000, August 2000.
U.S. Domestic Bond Issuance at $513.4 Billion in the First Quarter of 2000, June 2000.
U.S. Bond Issuance Reaches New Levels in 1999, with Volume Totaling $10.9 Trillion
Research Quarterly back-issues, 1996-1999.
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