SIFMA Issues Research Quarterly;

Full Year 2016 Issuance $7.19 Trillion, Up 6.5 Percent from 2015

New York, NY, March 2, 2017 – SIFMA today issued its Research Quarterly for the fourth quarter and full year 2016.  Fourth quarter 2016 issuance of long-term securities was $1.56 trillion, a decrease of 21.1 percent from $2.0 trillion in 2015.  For full year 2016, capital markets long-term issuance totaled $7.19 trillion, up 6.5 percent from $6.75 trillion in 2015.

Long-term public municipal issuance volume including private placements for 4Q’16 was $104.9 billion, down 9.1 percent from $115.4 billion in 3Q’16. Full year 2016 issuance was $445.8 billion, an increase of 10.6 percent from $403.1 billion in 2015.

Total gross issuance of Treasury bills and coupons, including cash management bills, Floating Rate Notes and Treasury Inflation-Protected Securities, was $2.10 trillion in 4Q’16, down 1.8 percent from $2.14 trillion in 3Q’16 but a 15.9 percent increase from $1.81 trillion in 4Q’15. For the full year 2016, gross issuance of Treasury securities totaled $8.30 trillion, up 18.8 percent from $7.00 trillion in 2015.

Long-term federal agency debt issuance was $101.4 billion in the fourth quarter, a 55.8 percent decrease from $229.3 billion in 3Q’16 and a 16.5 percent decrease from $121.5 billion issued in 4Q’15. For the full year 2016, issuance was $673.0 billion, up 31.0 percent from $513.5 billion in 2015. Issuance of mortgage-related securities, including agency and non-agency passthroughs and collateralized mortgage obligations, totaled $557.3 billion in the fourth quarter, a 1.5 percent increase from 3Q’16 ($549.3 billion) and a 45.1 percent increase y-o-y ($361.9 billion). For the full year 2016, mortgage-related securities issuance was $1.9 trillion, an increase of 15.9 percent from 2015. Asset-backed securities issuance totaled $76.4 billion in the fourth quarter, an increase of 1.2 percent q-o-q and 36.3 percent y-o-y. For the full year, issuance was $275.4 billion, a decline of 11.7 percent from the prior year.

Corporate bond issuance totaled $257.5 billion in 4Q’16, down 39.1 percent from $422.7 billion issued in 3Q’16 and 12.7 percent from 4Q’15’s issuance of $294.9 billion. For the full year 2016, corporate bond issuance increased to $1.52 trillion, up 1.8 percent from $1.49 billion in 2015.

Equity underwriting decreased by 15.2 percent to $46.4 billion in the fourth quarter from $54.7 billion in 3Q’16 but increased by 16.5 percent from $39.8 billion issued in 4Q’15. For the full year 2016, equity underwriting totaled $197.0 billion, 23.3 percent below the $256.8 billion in 2015.

The full report is available at the following link:  http://www.sifma.org/research/item.aspx?id=8589965362

-30-

SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.