SIFMA Publishes Quarterly Research Report for 2Q 2015
Release Date: August 19, 2015
Contact: Liz Pierce, 212.313.1173, [email protected]
SIFMA Publishes Quarterly Research Report for 2Q 2015
New York, NY, August 19, 2015—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.