SIFMA Fact Book 2018

In 2017, the securities industry raised $2.7 trillion of capital for businesses through debt and equity issuance activity in the United States, a 19.8 percent increase from the previous year.

Equity issuance, including common and preferred shares, totaled $223.5 billion in 2017, a 13.0 percent increase year-over-year. Initial public offering (IPO) volume, excluding closed-end funds, was $36.5 billion, up 103.8 percent from $17.9 billion in 2016. Closed-end fund IPOs more than tripled year-over-year to $9.6 billion in 2017. Follow-on, or secondary, issuance totaled $153.2 billion in 2017, down 0.4 percent from 2016.

Issuance of corporate debt, asset-backed securities and non-agency mortgage-backed securities totaled $2.4 trillion in 2017, up 20.5 percent from 2016. Non-convertible corporate debt issuance rose 7.6 percent to $1.6 trillion in 2017, and convertible corporate debt increased 19.7 percent to $29.2 billion. Non-agency mortgage-backed securities grew 36.6 percent to $164.6 billion in 2017, while asset-backed securities issuance volume increased 73.0 percent to $559.2 billion.

U.S. long-term municipal bond issuance totaled $448.1 billion in 2017, a 0.5 percent increase from $445.8 billion in 2016. Of the total, 55.3 percent was issued in form of revenue bonds, 35.9 percent in general obligation bonds and the remainder in private placements.

U.S. merger and acquisition announced deals totaled $1.3 trillion in 2017, a 15.9 percent decline from the $1.5 trillion in 2016, while the value of completed M&A deals fell by 7.7 percent to $1.4 trillion.

U.S. stock markets had a very positive year in 2017: the Dow Jones Industrial Average rose by 25.1 percent, ending at 24,719, the Standard & Poor’s 500 Index was up 19.4 percent to close 2017 at 2,674; the NASDAQ Composite Index rose 28.2 percent to 6,903.4.

In 2017, the average daily volume for NYSE-listed stocks was $126.4 billion and 3.4 billion shares, down 2.0 percent and 12.4 percent, respectively, year-over-year. For NASDAQ-listed stocks the average daily volume was $83.4 billion and 1.9 billlion shares, up 0.7 percent and 16.7 percent, respectively, year-over-year.

 

About the Report

The SIFMA Fact Book is an annual reference containing comprehensive data on the securities industry, capital markets, market activity, investor participation, global markets, savings and investment, and much more. The Fact Book – used frequently by industry professionals, regulators, academics, and journalists – amasses data from dozens of sources into a single, easily accessible reference source for researchers and others who track key industry statistics.

Credits

SIFMA Research

Kyle Brandon, Managing Director, Director of Research
Sharon Sung, Vice President, Research
Justyna Podziemska, Assistant Vice President, Research
Andrew Greene, Intern, Research