24-25
U.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.

 

Rated U.S. Debt Market: 2019 Dollar Volume by New-Issue Category (a, b, c, d, e)

$ 152 $ 227 $ 87 $ 114 $ 53 $ 411 $ 57 $394 $ 683

 

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 1/31/2020 and 2/29/2020)

90%
88%
89%
88%
85%
84%
86%
82%
78%
80%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$1,272
$1,096
$1,512
$1,549
$1,658
$1,762
$1,819
$1,936
$1,536
$1,751
Rated Volume
$1,421
$1,244
$1,691
$1,753
$1,945
$2,103
$2,122
$2,374
$1,963
$2,178
# of Rated Issues
14,433
10,657
13,182
11,424
11,255
12,727
12,874
11,879
9,675
11,493

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

U.S. Corporates: Industrials (c)

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

97%
98%
99%
98%
98%
98%
99%
98%
98%
97%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$408
$427
$593
$597
$584
$724
$743
$757
$505
$662
Rated Volume
$420
$436
$600
$606
$593
$739
$748
$769
$516
$683
# of Rated Issues
656
600
770
739
631
594
588
726
470
546

Sources: Refinitiv; S&P Global Ratings

U.S. Corporates: Infrastructure

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

99%
99%
98%
99%
96%
99%
99%
95%
99%
88%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
Rated Volume
$37
$37
$37
$49
$77
$63
$64
$52
$52
$57
# of Rated Issues
60
61
56
83
98
83
88
72
53
71

Sources: Refinitiv; S&P Global Ratings

U.S. Corporates: Financial Services (c)

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

89%
94%
96%
96%
96%
96%
97%
96%
95%
95%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$217
$200
$303
$320
$391
$392
$382
$430
$351
$374
Rated Volume
$242
$213
$316
$332
$407
$410
$395
$445
$370
$394
# of Rated Issues
597
465
549
535
510
467
470
508
422
488

Sources: Refinitiv; S&P Global Ratings

U.S. Municipals (a)

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

89%
88%
87%
88%
88%
86%
83%
84%
82%
79%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
Rated Volume
$469
$324
$405
$342
$332
$386
$430
$422
$331
$411
# of Rated Issues
12,405
9,026
11,072
9,244
8,955
10,561
10,671
9,163
7,257
9,062

Sources: Refinitiv; S&P Global Ratings

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

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

57%
21%
49%
61%
48%
15%
18%
11%
18%
26%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$19
$3
$11
$18
$16
$7
$6
$5
$12
$29
Rated Volume
$33
$15
$22
$30
$33
$47
$35
$51
$67
$114
# of Rated Issues
130
48
73
90
103
127
76
100
150
246

Sources:  Harrison Scott Publications, S&P Global Ratings

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

S&P Global Ratings penetration rate as a % of rated dollar volume

40%
23%
25%
39%
31%
25%
24%
40%
39%
44%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$7
$7
$11
$32
$27
$23
$16
$33
$27
$38
Rated Volume
$18
$32
$47
$82
$89
$95
$67
$83
$69
$87
# of Rated Issues
41
37
66
107
127
127
105
123
121
141

Sources: Harrison Scott Publications; S&P Global Ratings

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

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

77%
62%
68%
68%
70%
66%
63%
65%
64%
63%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$100
$77
$122
$118
$147
$125
$121
$141
$145
$143
Rated Volume
$130
$124
$178
$173
$210
$190
$192
$216
$229
$227
# of Rated Issues
244
232
309
304
345
332
352
370
428
406

Sources: Harrison Scott Publications; S&P Global Ratings

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

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

97%
93%
98%
79%
52%
37%
54%
43%
46%
54%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
S&P Rated Volume
$29
$24
$53
$70
$70
$40
$58
$124
$130
$82
Rated Volume
$30
$26
$54
$89
$136
$108
$108
$286
$280
$152
# of Rated Issues
127
78
167
206
292
247
273
630
610
355

Sources: Harrison Scott Publications; S&P Global Ratings

 

 

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

(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