24-25U.S. Debt Market
Dollar volume by new-issue category
In 2019, S&P Global Ratings rated approximately 80% of the $2.2 trillion of addressable debt issued in the U.S. market compared with 78% in 2018. Rated debt issuance by dollar volume in the U.S. increased by 11% from 2018 to 2019 while the number of issues increased by approximately 19%.
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.
Notes for U.S. debt issuance:
Annual figures; dollar volumes 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
Excludes municipal student loans and private placements
Excludes confidential transactions
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
Excludes agency deals. Includes home equity loans
Excludes asset-backed commercial paper and letters of credit