24-25
U.S. Debt Market

Dollar volume by new-issue category

In 2021, S&P Global Ratings rated approximately 76% of the $3.0 trillion in addressable debt issued in the U.S. market compared with 85% in 2020. Rated debt issuance by dollar volume in the U.S. increased by 5% from 2020 to 2021 while the number of issues increased by approximately 3%. 

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 primarily comprises six new-issue categories (shown below):  (1) Corporates (Industrials, Infrastructure, 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: 2021 Dollar Volume by New-Issue Category (a, b, c, d, e)

Infrastructure ABS RMBS STRUCTUREDGOVERNMENTCORPORATESCDOs CMBS Industrials MunicipalsSovereigns$ 418$ 278$197$204$170$429$104$605$ 782Total: $3.0 Trillion

 

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

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

89%
88%
84%
83%
85%
81%
78%
80%
85%
76%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$1,491
$1,535
$1,638
$1,744
$1,744
$1,930
$1,523
$1,765
$2,408
$2,269
Rated Volume
$1,681
$1,746
$1,940
$2,096
$2,057
$2,369
$1,951
$2,205
$2,835
$2,987
# of Rated Issues
13,176
11,410
11,241
12,709
12,869
11,878
9,680
11,553
12,913
13,313

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

U.S. Corporates: Industrials (c)

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

99%
98%
98%
98%
99%
98%
98%
97%
94%
95%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$572
$576
$576
$701
$654
$720
$473
$660
$1,097
$747
Rated Volume
$577
$586
$576
$715
$659
$732
$482
$682
$1,163
$782
# of Rated Issues
737
699
587
548
549
671
430
510
848
674

Sources: Refinitiv, S&P Global Ratings

U.S. Corporates: Infrastructure

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

96%
99%
96%
99%
99%
95%
96%
88%
97%
97%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$50
$62
$87
$79
$90
$80
$72
$72
$116
$101
Rated Volume
$52
$62
$90
$79
$91
$84
$75
$81
$120
$104
# of Rated Issues
101
115
137
121
125
124
95
114
137
127

Sources: Refinitiv, S&P Global Ratings

U.S. Corporates: Financial Services (c)

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

96%
96%
96%
96%
97%
96%
94%
94%
92%
93%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$303
$321
$392
$394
$383
$430
$349
$369
$478
$562
Rated Volume
$316
$333
$409
$412
$394
$445
$369
$394
$522
$605
# of Rated Issues
549
539
512
471
473
514
424
500
574
639

Sources: Refinitiv, S&P Global Ratings

U.S. Municipals (a)

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

84%
86%
83%
82%
80%
84%
82%
79%
79%
80%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$340
$292
$276
$317
$344
$355
$272
$327
$364
$344
Rated Volume
$404
$340
$331
$385
$429
$422
$331
$411
$458
$429
# of Rated Issues
11,064
9,234
8,944
10,547
10,665
9,156
7,256
9,075
10,135
9,767

Sources: Refinitiv, S&P Global Ratings

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

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

49%
61%
48%
15%
18%
11%
18%
26%
20%
13%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$11
$18
$16
$7
$6
$5
$12
$29
$20
$27
Rated Volume
$22
$30
$33
$47
$35
$51
$67
$114
$97
$204
# of Rated Issues
73
90
103
127
76
100
150
246
230
424

Sources:  Green Street Advisors, S&P Global Ratings

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

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

25%
39%
31%
25%
24%
40%
39%
44%
28%
32%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$11
$32
$27
$23
$16
$33
$27
$38
$15
$31
Rated Volume
$47
$82
$89
$95
$67
$83
$69
$87
$52
$97
# of Rated Issues
66
107
127
127
105
123
121
141
89
147

Sources: Green Street Advisors, S&P Global Ratings

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

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

68%
68%
70%
66%
63%
65%
64%
63%
67%
57%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$122
$118
$147
$125
$121
$141
$145
$143
$127
$159
Rated Volume
$178
$173
$210
$190
$192
$216
$229
$227
$191
$278
# of Rated Issues
309
304
345
332
352
370
428
406
338
428

Sources: Green Street Advisors, S&P Global Ratings

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

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

98%
79%
52%
37%
54%
43%
46%
54%
79%
55%
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
S&P Rated Volume
$53
$70
$70
$40
$58
$124
$130
$82
$92
$231
Rated Volume
$54
$89
$136
$108
$108
$286
$280
$152
$117
$418
# of Rated Issues
167
206
292
247
273
630
610
355
351
958

Sources: Green Street Aedvisors, S&P Global Ratings

 

Notes for U.S. debt issuance:

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 12/31/2021 and subject to revision to reflect final deal information 

(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