26-27
EMEA (Europe, Middle East, Africa) Region Debt Market

Dollar volume by new-issue category

In 2021, S&P Global Ratings rated approximately 74% of the $2.0 trillion of addressable debt issued in the EMEA region market, which includes Europe, the Middle East, and Africa, compared with 75% in 2020. Rated debt issuance by dollar volume in the region decreased by approximately 5% from 2020 to 2021 while the number of issues increased by 15%.

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, Infrastructure, 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: 2021 Dollar Volume by New-Issue Category (a, b, c, d )

Infrastructure CDOs CMBS Covered Bonds ABS Industrials Sovereigns/IPFRMBS$ 118$ 9$ 138$ 49$ 435$ 51$ 445$ 74$666STRUCTUREDGOVERNMENTCORPORATES

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

82%
83%
81%
78%
80%
78%
74%
74%
75%
74%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$1,559
$1,594
$1,615
$1,296
$1,370
$1,404
$1,359
$1,352
$1,567
$1,469
Rated Volume
$1,904
$1,910
$2,002
$1,671
$1,711
$1,809
$1,832
$1,833
$2,094
$1,985
# of Rated Issues
4,248
4,542
4,607
3,843
3,169
3,297
3,007
3,136
2,952
3,399

Sources: Refinitiv, Green Street Advisors, S&P Global Ratings

EMEA Corporates: Industrials and Infrastructure (c)

S&P Global Ratings penetration rate as a % of rated dollar volume
data as of 12/31/2021)

94%
92%
94%
91%
94%
90%
88%
87%
88%
84%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$461
$430
$465
$352
$447
$434
$403
$440
$544
$424
Rated Volume
$491
$466
$493
$386
$477
$480
$460
$508
$617
$508
# of Rated Issues
735
694
654
552
532
627
513
648
701
599

Sources: Refinitiv, S&P Global Ratings

EMEA Corporates: Financial Services (c)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

83%
87%
82%
84%
87%
80%
82%
80%
77%
79%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$498
$495
$553
$464
$434
$435
$446
$427
$440
$526
Rated Volume
$602
$567
$677
$550
$499
$541
$544
$534
$570
$666
# of Rated Issues
1,678
1,972
1,971
1,594
1,181
1,124
1,021
1,015
1,041
1,543

Sources: Refinitiv, S&P Global Ratings

EMEA Sovereigns/IPF

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

90%
89%
83%
77%
78%
81%
82%
79%
71%
75%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$416
$525
$441
$308
$338
$377
$365
$347
$466
$334
Rated Volume
$463
$590
$533
$398
$434
$463
$446
$439
$658
$445
# of Rated Issues
1,124
1,246
1,388
978
709
744
587
598
663
443

Sources: Refinitiv, S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

59%
48%
54%
57%
56%
61%
51%
56%
62%
75%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$35
$13
$21
$28
$32
$28
$28
$31
$22
$39
Rated Volume
$60
$26
$40
$50
$56
$45
$55
$56
$36
$51
# of Rated Issues
53
43
58
57
67
49
64
86
65
82

Sources: Green Street Advisors, S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

74%
38%
47%
66%
1%
71%
60%
51%
24%
54%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$3
$4
$2
$3
$0
$2
$3
$4
$1
$5
Rated Volume
$4
$10
$4
$5
$4
$4
$5
$7
$3
$9
# of Rated Issues
6
12
9
11
4
6
14
16
7
19

Sources: Green Street Advisors, S&P Global Ratings

EMEA Asset-Backed Securities (ABS) (b, e)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

66%
65%
51%
49%
40%
45%
47%
38%
43%
36%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$35
$35
$33
$25
$21
$21
$23
$15
$17
$18
Rated Volume
$53
$53
$65
$51
$54
$47
$49
$38
$40
$49
# of Rated Issues
95
80
119
95
104
91
75
72
68
91

Sources: Green Street Advisors, S&P Global Ratings

EMEA Collateralized Debt Obligations (CDOs) (b)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

83%
83%
41%
59%
68%
50%
25%
45%
92%
63%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$5
$12
$11
$13
$20
$28
$18
$22
$28
$74
Rated Volume
$6
$14
$26
$21
$29
$57
$69
$49
$31
$118
# of Rated Issues
25
43
53
48
66
149
154
122
77
279

Sources: Green Street Advisors, S&P Global Ratings

EMEA Covered Bonds (a)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 12/31/2021)

47%
44%
54%
49%
49%
46%
36%
33%
35%
35%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$106
$81
$89
$103
$77
$80
$74
$67
$49
$49
Rated Volume
$226
$183
$165
$211
$158
$173
$203
$202
$139
$138
# of Rated Issues
532
452
355
508
506
507
579
579
330
343

Sources: Green Street Advisors, 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 is subject to revision to reflect final deal information

(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