published: 5.17.07

Research Quarterly - May 2007

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. 

Highlights:

■ Treasury gross coupon issuance totaled $188.5 billion in the first quarter, compared to $234.9 billion in the first quarter of 2006.

■ Federal agencies’ long-term issuance totaled $262.7 billion in the first quarter of 2007, compared to $187.9 billion issued the same period last year.

■ Long-term municipal volume totaled $107.0 billion, up 55.1 percent from $69.0 billion issued during the first quarter of 2006.

■ Corporate bond issuance totaled a record $308.0 billion for the quarter, up 23.6 percent from $249.2 billion in the same period last year.

■ Asset-backed issuance reached $297.3 billion in the first quarter, up 3.3 percent from $287.9 billion in the first three months of 2006.

■ Global CDO issuance increased to $158.4 billion in the first quarter, compared to $107.9 billion issued in the same period last year.

■ Mortgage-related issuance totaled $552.1 billion, higher than the $497.2 billion issued in the first quarter of 2006.

■ Outstanding money market volume totaled $4.11 trillion as of the end of the first quarter.

■ Total equity underwriting reached $61.4 billion on 202 deals in the first quarter, 42.6 percent higher than the first quarter of 2006.

■ Bond mutual funds had an inflow of $44.7 billion in the first quarter, more than double the $22.6 billion from last year. Equity mutual funds had an inflow of $63.7 billion.