SIFMA Research: Long-Term Securities Issuance Totaled $1.73 Trillion in 2Q’17

New York, NY, August 17, 2017 – SIFMA today issued its Research Quarterly for the second quarter of 2017. In that period, long-term securities issuance totaled $1.73 trillion, a 9.8 percent decrease from $1.92 trillion in 1Q’17 and a 12.8 percent decrease year-over-year from $1.98 trillion.

Issuance decreased quarter-over-quarter across all asset classes but municipal, agency and asset-backed securities; year-over-year, growth was negative in all asset classes except asset-backed securities and equity underwriting.

Long-term public municipal issuance volume including private placements for 2Q’17 was $105.1 billion, up 15.4 percent from $91.2 billion in 1Q’17 but down 16.2 percent from 2Q’16.

The U.S. Treasury issued $570.8 billion in coupons, FRNs and TIPS in 2Q’17, down 12.7 percent from $654.1 billion in the prior quarter and 3.5 percent below $591.6 billion issued in 2Q’16.

Issuance of mortgage-related securities, including agency and non-agency passthroughs and collateralized mortgage obligations, totaled $364.4 billion in the second quarter, a 10.4 percent decline from 1Q’17, when issuance totaled $406.8 billion, and an 18.2 percent decrease year-over-year, from $445.5 billion issued in 2Q’16.

Corporate bond issuance totaled $390.7 billion in 2Q’17, down 18.2 percent from $477.4 billion issued in 1Q’17 and down 10.7 percent from 2Q’16’s issuance of $437.5 billion. Of 2Q’17 corporate bond issuance, investment grade issuance was $325.6 billion (83.3 percent of total) while high yield issuance was $65.1 billion (16.7 percent).

Long-term federal agency debt issuance was $164.4 billion in the second quarter, an 8.7% percent increase from $151.2 billion in 1Q’17 and a 36.3 percent decrease from $258.0 billion issued in 2Q’16.

Asset-backed securities issuance totaled $81.5 billion in the second quarter, an increase of 6.6 percent quarter-over-quarter and a 12.1 percent increase year-over-year.

Equity underwriting decreased by 12.7 percent to $51.7 billion in the second quarter from $59.2 billion in 1Q’17 and up 0.6 percent from $51.4 billion issued in 2Q’16. Of the total, “true” initial public accounted for $8.6 billion, down 19.8 percent from $10.8 billion in 1Q’17 and up 41.3 percent from $6.1 billion in 2Q’16.

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