Record year for global bond markets in 2012

January 3, 2013

How good was 2012 for bond markets? Very good, by the look of the many records broken.

2012  was the strongest year for global high yield and investment grade debt on record, new issuance of corporate debt from emerging markets issuers was also the strongest since records began in 1980 and activity on global debt capital markets were overall up 10 percent from 2011, Thomson Reuters data shows.

Euro-denominated international corporate debt increased 69.5 percent, making 2012 issuance the second largest on record behind 2009.

According to Thomson Reuters’ report on debt capital markets in 2012:

Overall global debt capital markets activity totaled US$5.6 trillion during full year 2012, a 10% increase from the comparable period in 2011 and the strongest annual period for global debt capital markets activity since 2009.

The volume of global high yield corporate debt reached US$389.0 billion during full year 2012, a 38% increase compared to full year 2011 and the strongest annual period for high yield debt activity since records began in 1980. High yield issuance during the fourth quarter of 2012 totaled US$113.2 billion, narrowly surpassing the third quarter of 2012 and setting an all-time quarterly record.

Underwriters were not left out, with a 28 percent year-on-year increase for debt underwriting fees.

Among underwriters, JP Morgan took the top spot for full year 2012 debt underwriting with total proceeds of
$438.6 billion, the report shows, with  Deutsche Bank in the number two spot and Barclays coming in third.

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