US Research Quarterly, First Quarter 2017



May 17, 2017

US Research Quarterly, First Quarter 2017

About the Report

A quarterly report containing brief commentary and statistics on the U.S. capital markets, including but not limited to: municipal debt, U.S. Treasury and agency debt, short-term funding and money market debt, mortgage-related, asset-backed and CDO debt; corporate bonds, equity and other, derivatives, and the primary loan market.

Summary

Total Issuance Increases in 3Q'16 Quarter-Over-Quarter and Year-over-Year

Long-term securities issuance totaled $1.90 trillion in 1Q'17, a 18.7 percent increase from $1.60 trillion in 4Q'16 and a 13.1 percent increase year-over-year (y-o-y) from $1.68 trillion. Issuance increased quarter-over-quarter (q-o-q) across all asset classes but municipal, mortgage-related and asset-backed securities; y-o-y, growth was positive in all asset classes except municipal debt.

Long-term public municipal issuance volume including private placements for 1Q'17 was $90.5 billion, down 13.7 percent from $104.9 billion in 4Q'16 and down 9.4 percent from 1Q'16.

The U.S. Treasury issued $654.1 billion in coupons, FRNs and TIPS in 1Q'17, up 44.8 percent from $451.6 billion in the prior quarter and 13.1 percent above $578.2 billion issued in 1Q'16.

Issuance of mortgage-related securities, including agency and non-agency passthroughs and collateralized mortgage obligations, totaled $406.5 billion in the first quarter, a 27.3 percent decline from 4Q'16 ($558.9 billion) but a 12.3 percent increase y-o-y ($361.9 billion).

Corporate bond issuance totaled $468.7 billion in 1Q'17, up 79.0 percent from $261.8 billion issued in 4Q'16 and up 17.9 percent from 1Q'16's issuance of $397.4 billion. Of all 1Q'17 corporate bond issuance, investment grade issuance was $381.0 billion (81.3 per-cent of total) while high yield issuance was $87.7 billion (18.7 percent).

Long-term federal agency debt issuance was $151.2 billion in the first quarter, a 49.1 per-cent increase from $101.4 billion in 4Q'16 and a 2.5 percent increase from $147.4 billion issued in 1Q'16.

Asset-backed securities issuance totaled $75.8 billion in the first quarter, a decline of 3.5 percent q-o-q but an 37.5 percent increase y-o-y.

Equity underwriting increased by 23.4 percent to $57.7 billion in the first quarter from $46.8 billion in 4Q'16 and up 29.4 percent from $44.6 billion issued in 1Q'16. Of the total, "true" initial public accounted for $10.7 billion, up 144.8 percent from $4.4 billion in 4Q'16 and up tenfold from $1.2 billion in 1Q'16.

Credits

SIFMA Research

  • Managing Director, Director of Research: Kyle Brandon
  • AVP, Research: Sharon Sung
  • Senior Associate, Research: Justyna Podziemska

SIFMA Business Policies and Practices

  • VP: Joseph Cox
  • VP: Craig Griffith

Downloads

Get the free Adobe Reader to view these documents

Disclaimer

The Securities Industry and Financial Markets Association (SIFMA) prepared this material for informational purposes only. SIFMA obtained this information from multiple sources believed to be reliable as of the date of publication; SIFMA, however, makes no representations as to the accuracy or completeness of such third party information. SIFMA has no obligation to update, modify or amend this information or to otherwise notify a reader thereof in the event that any such information becomes outdated, inaccurate, or incomplete.


Join SIFMA

Learn How ›

Contact

Email: research@sifma.org
Call: 212.313.1200

Research Reports

Monthly analysis of critical issues affecting the financial services industry.

Copyright Permission Request

Subject to our Terms of Use; for use of data requests:

 

Featured Events

C&L St. Louis Regional Seminar 2017

Tuesday, June 20, 2017

Senior Investor Protection Denver Regional Workshop

Thursday, July 27, 2017

Denver, CO

Global Tax Reporting Symposium 2017

October 3-4, 2017

SIFMA Conference Center, New York, NY

CAS Global Corporate Actions Forum 2017

Thursday, October 05, 2017

Wyndham Boston Beacon Hill, Boston, MA

Market Data