22-23
U.S. Debt Market

Dollar volume by new-issue category

In 2018, S&P Global Ratings rated approximately 78% of the $1.9 trillion of addressable debt issued in the U.S. market compared with 82% in 2017. Rated debt issuance by dollar volume in the U.S. decreased by 18% from 2017 to 2018 while the number of issues was down approximately 19%.

The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating. The rated U.S. debt market is primarily comprised of six new-issue categories (shown below):  (1) Corporates (Industrials and Financial Services), (2) Municipals, (3) Sovereigns, (4) Mortgage-Backed Securities (Residential and Commercial), (5) Asset-Backed Securities, and (6) Collateralized Debt Obligations.

Rated U.S. Debt Market: 2018 Dollar Volume by New-Issue Category (a, b, c, d, e)

Financial Services ABS RMBS STRUCTURED GOVERNMENT CORPORATES CDOs CMBS Industrials Municipals Sovereigns $368 $ 229 $ 67 $ 280 $ 69 $ 547 $ 46 $ 327 Total: $1.9 Trillion

 

Rated U.S. Debt Market (a, b, c, d, e)

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

94%
90%
88%
89%
88%
85%
84%
85%
82%
78%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$1,478
$1,273
$1,095
$1,497
$1,532
$1,649
$1,755
$1,754
$1,923
$1,510
Rated Volume
$1,567
$1,421
$1,244
$1,676
$1,742
$1,936
$2,096
$2,056
$2,357
$1,934
# of Rated Issues
$11,784
$14,419
$10,649
$12,999
$11,192
$11,092
$12,587
$12,736
$11,548
$9,318

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

U.S. Corporates: Industrials (c)

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

99%
97%
98%
99%
98%
98%
98%
99%
98%
98%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$510
$448
$464
$619
$641
$655
$782
$738
$806
$533
Rated Volume
$516
$460
$473
$626
$651
$667
$798
$744
$821
$547
# of Rated Issues
$711
$717
$659
$832
$818
$725
$670
$667
$801
$514

Sources: Thomson Reuters; S&P Global Ratings

U.S. Corporates: Financial Services (c)

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

99%
89%
94%
96%
96%
96%
95%
97%
97%
95%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$334
$214
$199
$304
$317
$391
$391
$387
$424
$351
Rated Volume
$338
$239
$212
$317
$328
$407
$410
$399
$439
$368
# of Rated Issues
$354
$595
$465
$551
$534
$512
$470
$473
$493
$415

Sources: Thomson Reuters; S&P Global Ratings

U.S. Municipals (a)

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

91%
89%
88%
87%
86%
88%
85%
83%
84%
82%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
Rated Volume
$451
$469
$324
$401
$338
$327
$384
$427
$414
$327
# of Rated Issues
$10,217
$12,392
$9,020
$10,891
$9,017
$8,794
$10,425
$10,538
$8,862
$6,935

Sources: Thomson Reuters; S&P Global Ratings

U.S. Sovereigns

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

94%
94%
94%
94%
92%
83%
90%
87%
85%
93%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
Rated Volume
$51
$42
$39
$31
$50
$68
$64
$84
$47
$46
# of Rated Issues
$132
$173
$110
$110
$116
$194
$189
$252
$169
$144

Sources: Thomson Reuters; S&P Global Ratings

U.S. Residential Mortgage-Backed Securities (RMBS) (b, d)

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

85%
57%
21%
49%
61%
48%
15%
18%
11%
18%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$45
$19
$3
$11
$18
$16
$7
$6
$5
$12
Rated Volume
$53
$33
$15
$22
$30
$33
$47
$35
$51
$67
# of Rated Issues
$135
$130
$48
$73
$90
$103
$127
$76
$100
$150

Sources:  Harrison Scott Publications, S&P Global Ratings

U.S. Commercial Mortgage-Backed Securities (CMBS) (b)

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

44%
40%
23%
25%
39%
31%
25%
24%
40%
39%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$3
$7
$7
$11
$32
$27
$23
$16
$33
$27
Rated Volume
$7
$18
$32
$47
$82
$89
$95
$67
$83
$69
# of Rated Issues
$25
$41
$37
$66
$107
$127
$127
$105
$123
$121

Sources: Harrison Scott Publications; S&P Global Ratings

U.S. Asset-Backed Securities (ABS) (b, e)

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

86%
77%
62%
68%
68%
70%
66%
63%
65%
64%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$124
$100
$77
$122
$118
$147
$125
$121
$141
$145
Rated Volume
$144
$130
$124
$178
$173
$210
$190
$192
$216
$229
# of Rated Issues
$186
$244
$232
$309
$304
$345
$332
$352
$370
$428

Sources: Harrison Scott Publications; S&P Global Ratings

U.S. Collateralized Debt Obligations (CDOs) (b)

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

63%
97%
93%
98%
79%
52%
37%
54%
43%
48%
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
S&P Rated Volume
$4
$29
$24
$53
$70
$70
$40
$58
$124
$130
Rated Volume
$6
$30
$26
$54
$89
$136
$108
$108
$286
$280
# of Rated Issues
$24
$127
$78
$167
$206
$292
$247
$273
$630
$611

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 U.S. debt issuance:
(a)

Excludes municipal student loans and private placements

(b)

Excludes confidential transactions

(c)

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

(d)

Excludes agency deals. Includes home equity loans

(e)

Excludes asset-backed commercial paper and letters of credit