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

Dollar volume by new-issue category

In 2019, 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 73% in 2018. Rated debt issuance by dollar volume in the region increased by approximately 1% from 2018 to 2019 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, 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: 2019 Dollar Volume by New-Issue Category (a, b, c, d )

$ 49 $ 6 $ 253 $ 43 $ 452 $ 58 $ 437 $ 58 $529

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020 and 2/29/2020)

84%
78%
82%
83%
81%
78%
80%
78%
73%
73%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$1,600
$1,494
$1,544
$1,589
$1,611
$1,293
$1,320
$1,399
$1,369
$1,379
Rated Volume
$1,906
$1,920
$1,888
$1,903
$1,997
$1,665
$1,656
$1,791
$1,874
$1,885
# of Rated Issues
4,003
3,880
4,243
4,538
4,594
3,827
3,153
3,244
3,255
3,247

Sources: Refinitiv, Harrison Scott Publications, S&P Global Ratings

EMEA Corporates: Industrials(b) and Infrastructure

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020)

92%
91%
94%
93%
94%
92%
93%
91%
87%
86%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$278
$275
$445
$426
$459
$350
$384
$421
$384
$440
Rated Volume
$303
$303
$474
$460
$486
$380
$412
$464
$442
$510
# of Rated Issues
484
486
725
686
644
541
522
605
509
626

Sources: Refinitiv; S&P Global Ratings

EMEA Corporates: Financial Services (b)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020)

87%
87%
83%
87%
82%
84%
87%
82%
83%
81%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$554
$511
$498
$494
$554
$462
$436
$442
$448
$430
Rated Volume
$638
$590
$602
$567
$677
$549
$499
$540
$542
$529
# of Rated Issues
1,822
1,501
1,678
1,974
1,958
1,581
1,174
1,118
1,010
999

Sources: Refinitiv; S&P Global Ratings

EMEA Sovereigns/International Public Finance (IPF)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020)

93%
91%
90%
89%
83%
77%
78%
82%
82%
79%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$381
$393
$417
$525
$442
$309
$338
$377
$365
$347
Rated Volume
$411
$431
$464
$590
$534
$399
$433
$462
$446
$437
# of Rated Issues
930
805
1,129
1,248
1,398
986
709
719
584
576

Sources: Refinitiv; S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)

74%
75%
59%
48%
54%
57%
64%
61%
51%
59%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$74
$89
$35
$13
$21
$28
$43
$28
$28
$34
Rated Volume
$101
$119
$60
$26
$40
$50
$68
$45
$55
$58
# of Rated Issues
48
46
53
43
58
57
68
49
64
85

Sources: Harrison Scott Publications; S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)

42%
42%
74%
38%
47%
66%
1%
71%
60%
50%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$3
$2
$3
$4
$2
$3
$0
$2
$3
$3
Rated Volume
$6
$4
$4
$10
$4
$5
$4
$4
$5
$6
# of Rated Issues
10
3
6
12
9
11
4
6
14
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
(data as of 2/29/2020)

52%
53%
66%
65%
51%
49%
40%
45%
47%
34%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$20
$26
$35
$35
$33
$25
$21
$21
$23
$15
Rated Volume
$38
$49
$53
$53
$65
$51
$54
$47
$49
$43
# of Rated Issues
92
93
95
80
119
95
104
91
75
76

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
(data as of 2/29/2020)

90%
73%
83%
83%
41%
59%
68%
50%
25%
46%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$6
$3
$5
$12
$11
$13
$20
$28
$18
$22
Rated Volume
$7
$4
$6
$14
$26
$21
$29
$57
$69
$49
# of Rated Issues
35
17
25
43
53
48
66
149
154
121

Sources: Harrison Scott Publications; S&P Global Ratings

EMEA Covered Bonds (a)

S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)

71%
46%
47%
44%
54%
49%
49%
46%
38%
35%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$284
$194
$106
$81
$89
$103
$77
$80
$100
$88
Rated Volume
$400
$420
$226
$183
$165
$211
$158
$173
$266
$253
# of Rated Issues
602
929
532
452
355
508
506
507
845
750

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 1/31/2020 and 2/29/2020 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