Ratings: 33–34
EMEA (Europe, Middle East, Africa) Region Debt Market

Dollar volume by new-issue category

In 2024, S&P Global Ratings rated approximately 77% of the $2.5 trillion of addressable debt issued in the EMEA region market, which includes Europe, the Middle East, and Africa, compared with 76% of $2.0 trillion in 2023. Rated debt issuance by dollar volume in the region increased by approximately 23% from 2023 to 2024, and the number of issues increased by 14%. 

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:
2024 Dollar Volume by New-Issue Category (a, b, c, d, e)

 

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

78%
80%
78%
74%
74%
75%
73%
74%
76%
77%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$1,298
$1,371
$1,412
$1,359
$1,360
$1,579
$1,478
$1,216
$1,518
$1,902
Rated Volume
$1,714
$1,817
$1,883
$1,843
$2,108
$2,016
$1,639
$1,978
$2,011
$2,475
# of Rated Issues
4,188
3,501
3,720
3,419
3,513
3,386
4,013
2,941
3,654
4,175

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

Download Excel

EMEA Corporates: Industrials(b) and Infrastructure

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

91%
94%
91%
87%
87%
88%
84%
88%
88%
89%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$350
$448
$441
$403
$446
$543
$432
$302
$394
$543
Rated Volume
$383
$477
$487
$462
$516
$616
$515
$343
$445
$609
# of Rated Issues
724
711
847
733
870
947
807
603
811
1,051

Sources: Refinitiv, S&P Global Ratings

Download Excel

EMEA Corporates: Financial Services (b)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

84%
86%
80%
82%
80%
77%
78%
85%
79%
76%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$464
$432
$432
$444
$426
$447
$522
$462
$516
$555
Rated Volume
$551
$500
$539
$542
$534
$578
$672
$543
$651
$734
# of Rated Issues
1,733
1,291
1,266
1,164
1,114
1,158
1,854
1,143
1,332
1,421

Sources: Refinitiv, S&P Global Ratings

Download Excel

EMEA Sovereigns/IPF

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

78%
78%
81%
82%
79%
71%
73%
77%
86%
88%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$311
$340
$379
$366
$350
$471
$339
$311
$434
$571
Rated Volume
$401
$437
$466
$447
$442
$655
$463
$404
$503
$648
# of Rated Issues
1,012
752
805
636
654
734
537
439
562
656

Sources: Refinitiv, S&P Global Ratings

Download Excel

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

57%
56%
61%
51%
56%
62%
76%
79%
67%
42%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$28
$32
$28
$28
$31
$22
$39
$41
$27
$34
Rated Volume
$50
$56
$45
$55
$56
$36
$51
$52
$40
$81
# of Rated Issues
57
67
49
64
86
65
81
69
67
94

Sources: Green Street Advisors, S&P Global Ratings

Download Excel

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

66%
1%
71%
60%
51%
24%
54%
62%
88%
51%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$3
$0
$2
$3
$4
$1
$5
$1
$2
$1
Rated Volume
$5
$4
$4
$5
$7
$3
$9
$1
$2
$3
# of Rated Issues
11
4
6
14
16
7
19
4
5
7

Sources: Green Street Advisors, S&P Global Ratings

Download Excel

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

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

49%
40%
45%
47%
38%
43%
36%
30%
29%
25%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$25
$21
$21
$23
$15
$17
$18
$8
$20
$18
Rated Volume
$51
$54
$47
$49
$38
$40
$49
$28
$70
$70
# of Rated Issues
95
104
91
75
72
68
92
63
145
131

Sources: Green Street Advisors, S&P Global Ratings

Download Excel

EMEA Collateralized Debt Obligations (CDOs) (a)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

59%
68%
50%
25%
45%
92%
63%
62%
79%
94%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$13
$20
$28
$18
$22
$28
$74
$22
$27
$79
Rated Volume
$21
$29
$57
$69
$49
$31
$118
$35
$35
$84
# of Rated Issues
48
66
149
154
122
77
279
90
85
217

Sources: Green Street Advisors, S&P Global Ratings

Download Excel

EMEA Covered Bonds

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data through 12/31/2024)

49%
49%
46%
36%
33%
35%
35%
30%
38%
42%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$103
$77
$80
$74
$67
$49
$49
$69
$102
$102
Rated Volume
$211
$158
$173
$203
$202
$139
$138
$232
$268
$246
# of Rated Issues
508
506
507
579
579
330
344
530
647
598

Sources: Green Street Advisors, S&P Global Ratings

Download Excel
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

(e)

Includes sovereigns