Powered by Debtwire data, Bond Highlights reviews bond market activity across North America, EMEA, and APAC in 1H24. All data correct as of 26 June 2024.

Bond markets are still on track to beat their volume totals of the past two years despite activity cooling in 2Q24. With almost USD 3trn of 2024 maturities still to refinance, capital markets are likely to be busy for the rest of the year.

After racing out of the blocks in 1Q24, bond issuance slowed in 2Q24, with volume tumbling 27% year-on-year to USD 1.92trn globally, ranking as the third slowest second quarter since 2019, according to Dealogic data. While this may be disappointing given hopes that issuance would recover this year after two relatively barren years, thanks to the strong start in January and February, 1H24 volumes are still higher than those in 1H23 and 1H22.

The Americas has issued the most bonds by volume in the year to date (YTD), surpassing EMEA, which was the busiest market in 2023. A 29% increase in volumes to USD 1.75trn helped the Americas claim top spot, narrowly exceeding USD 1.67trn issued in EMEA. Despite sitting atop the tree, volumes fell in the Americas last year, marking a third consecutive year of decline following a whirlwind 2020. By contrast, EMEA had already started to recover. In fact, the region has issued more bonds so far this year than any other previous year including 2021. The APAC bond market has also performed also well – its USD 1.12trn of volume is Asia-Pacific’s second-best annual total.

Read more in the full report.