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
$ 49
$ 6
$ 253
$ 43
$ 452
$ 58
$ 437
$ 58
$529
Rated EMEA Debt Market S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020 and 2/29/2020)
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)
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 S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 1/31/2020)
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)
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) S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)
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
Sources: Harrison Scott Publications; S&P Global Ratings
EMEA Commercial Mortgage-Backed Securities (CMBS) S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)
Sources: Harrison Scott Publications; S&P Global Ratings
EMEA Asset-Backed Securities (ABS) S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)
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
Sources: Harrison Scott Publications; S&P Global Ratings
EMEA Collateralized Debt Obligations (CDOs) S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)
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
Sources: Harrison Scott Publications; S&P Global Ratings
EMEA Covered Bonds S&P Global Ratings penetration rate as a % of rated dollar volume
(data as of 2/29/2020)
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