24-25
EMEA (Europe, Middle East, Africa) Region Debt Market

Dollar volume by new-issue category

In 2018, S&P Global Ratings rated approximately 73% of the $1.9 trillion of addressable debt issued in the EMEA region market, which includes Europe, the Middle East, and Africa, compared with 78% in 2017. Rated debt issuance by dollar volume in the region increased by approximately 6% from 2017 to 2018 while the number of issues was essentially flat.

The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating. The rated EMEA debt market comprises six new-issue categories (shown below):  (1) Corporates (Industrials and Financial Services), (2) Sovereigns/International Public Finance (IPF), (3) Mortgage-Backed Securities (Residential and Commercial), (4) Asset-Backed Securities, (5) Collateralized Debt Obligations, and (6) Covered Bonds.

Rated EMEA Debt Market:
2018 Dollar Volume by New-Issue Category (a, b, c, d )

Financial Services CDOs CMBS STRUCTURED GOVERNMENT CORPORATES Covered Bonds ABS Industrials Sovereigns/IPF RMBS Total: $1.9 Trillion $551 $ 69 $ 5 $ 266 $ 52 $ 454 $ 55 $ 445

Rated EMEA Debt Market (a, b, c, d)

S&P Global Ratings penetration rate as a % of rated dollar volume

89%
84%
78%
82%
84%
81%
78%
80%
78%
73%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$2,048
$1,600
$1,494
$1,554
$1,595
$1,613
$1,298
$1,381
$1,405
$1,395
Rated Volume
$2,300
$1,905
$1,920
$1,889
$1,910
$1,995
$1,668
$1,716
$1,798
$1,898
# of Rated Issues
$3,145
$4,001
$3,878
$4,242
$4,540
$4,583
$3,814
$3,143
$3,229
$3,246

Sources: Thomson Reuters; Harrison Scott Publications; S&P Global Ratings

EMEA Corporates: Industrials (b)

S&P Global Ratings penetration rate as a % of rated dollar volume

92%
92%
91%
94%
93%
95%
92%
94%
91%
87%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$565
$277
$272
$455
$431
$460
$352
$446
$426
$397
Rated Volume
$615
$302
$300
$484
$465
$485
$382
$473
$470
$454
# of Rated Issues
$687
$460
$478
$726
$684
$633
$526
$517
$602
$496

Sources: Thomson Reuters; S&P Global Ratings

EMEA Corporates: Financial Services (b)

S&P Global Ratings penetration rate as a % of rated dollar volume

91%
87%
87%
83%
87%
82%
85%
87%
82%
83%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$803
$555
$514
$498
$495
$555
$464
$435
$442
$459
Rated Volume
$884
$639
$593
$603
$568
$677
$549
$498
$541
$551
# of Rated Issues
$1,361
$1,823
$1,507
$1,677
$1,978
$1,961
$1,583
$1,169
$1,122
$1,021

Sources: Thomson Reuters; S&P Global Ratings

EMEA Sovereigns/International Public Finance (IPF)

S&P Global Ratings penetration rate as a % of rated dollar volume

94%
93%
91%
92%
89%
83%
77%
78%
82%
82%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
Rated Volume
$518
$411
$431
$455
$590
$534
$399
$433
$462
$445
# of Rated Issues
$705
$931
$805
$1,128
$1,248
$1,395
$986
$709
$703
$575

Sources: Thomson Reuters; S&P Global Ratings

EMEA Residential Mortgage-Backed Securities (RMBS) (a, d)

S&P Global Ratings penetration rate as a % of rated dollar volume

74%
74%
75%
59%
48%
54%
57%
64%
61%
51%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$8
$74
$89
$35
$13
$21
$28
$43
$28
$28
Rated Volume
$11
$101
$119
$60
$26
$40
$50
$68
$45
$55
# of Rated Issues
$7
$48
$46
$53
$43
$58
$57
$68
$49
$64

Sources: Thomson Reuters; S&P Global Ratings

EMEA Commercial Mortgage-Backed Securities (CMBS) (a)

S&P Global Ratings penetration rate as a % of rated dollar volume

72%
42%
42%
74%
38%
47%
66%
1%
71%
60%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$2
$3
$2
$3
$4
$2
$3
$0
$2
$3
Rated Volume
$2
$6
$4
$4
$10
$4
$5
$4
$4
$5
# of Rated Issues
$6
$10
$3
$6
$12
$9
$11
$4
$6
$14

Sources: Harrison Scott Publications; S&P Global Ratings

EMEA Asset-Backed Securities (ABS) (a, c)

S&P Global Ratings penetration rate as a % of rated dollar volume

63%
52%
53%
66%
65%
51%
49%
40%
45%
48%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$10
$20
$26
$35
$35
$33
$25
$21
$21
$25
Rated Volume
$15
$38
$49
$53
$53
$65
$51
$54
$47
$52
# of Rated Issues
$42
$92
$93
$95
$80
$119
$95
$104
$91
$79

Sources: Harrison Scott Publications; S&P Global Ratings

EMEA Collateralized Debt Obligations (CDOs) (a)

S&P Global Ratings penetration rate as a % of rated dollar volume

65%
90%
73%
83%
83%
41%
59%
68%
50%
25%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$1
$6
$3
$5
$12
$11
$13
$20
$28
$18
Rated Volume
$2
$7
$4
$6
$14
$26
$21
$29
$57
$69
# of Rated Issues
$9
$35
$17
$25
$43
$53
$48
$66
$149
$154

Sources: Harrison Scott Publications; S&P Global Ratings

EMEA Covered Bonds (a)

S&P Global Ratings penetration rate as a % of rated dollar volume

68%
71%
46%
47%
44%
54%
49%
49%
46%
37%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$172
$284
$194
$106
$81
$89
$103
$77
$80
$100
Rated Volume
$252
$400
$420
$226
$183
$165
$211
$158
$173
$266
# of Rated Issues
$328
$602
$929
$532
$452
$355
$508
$506
$507
$843

Sources: Harrison Scott Publications; S&P Global Ratings

Notes:  Annual figures; dollar volume in billions; data by domicile of issuer/assets 

Details may not sum to total due to rounding

Historical percentages calculated based on unrounded figures

Data as of 1/31/2019, and subject to revision to reflect final deal information

Notes for EMEA debt issuance:
(a)

Excludes confidential and repo transactions

(b)

Includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes private placements (except Rule 144a issues), retail notes and commercial paper

(c)

Excludes asset-backed commercial paper and letters of credit

(d)

Includes home equity loans