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U.S. Debt Market
In 2008, despite a significant drop-off
in new issuance,
Standard & Poor’s rated approximately 94% of the $1.5 trillion
of addressable debt issued in the U.S. market compared to 93% of the
addressable market in 2007. 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 chart below is comprised
of five new-issue categories: (1) Corporates; (2) Municipals; (3) Mortgage-Backed
Securities (Residential Mortgage-Backed Securities and Commercial Mortgage-Backed
Securities); (4) Asset-Backed Securities; and (5) Collateralized Debt
Obligations.
(annual figures; dollar volume in billions; data by domicile
of
issuer/assets)
| Notes for debt issuance: | |
| (a) | Excludes municipal student loans and private placements |
| (b) | Excludes confidential transactions |
| (c) | Includes industrial and financial services issuers. Also includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes sovereign issuers, 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 |
| (f) | Includes commercial mortgage-backed securities and residential mortgage-backed securities; includes U.S. CRE CDOs |
European and Asian Debt Markets
European Debt Market
In 2008, Standard & Poor’s rated approximately 84% of the $1.3
trillion of addressable debt issued in the European market. While rated
debt issuance was down more than 40% in Europe, Standard & Poor’s
utilized its European office network to
capitalize on growth and opportunities in the region.
Asian Debt Market
In 2008, rated debt issue volume for corporates in Asia was $194
billion, up 2% from 2007. Standard & Poor’s 2008 market penetration was
approximately 82% for corporates. Rated issuance for structured finance
was $72 billion, down 45% from 2007, and Standard & Poor’s rated
approximately 62% of that volume.
of issuer/assets)
| Notes for debt issuance: | |
| (a) | Excludes confidential and repo transactions |
| (b) | Includes industrial and financial services issuers. Also includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes sovereign issuers, private placements (except Rule 144a issues), retail notes, commercial paper, and all agency issues |
| (c) | Excludes asset-backed commercial paper and letters of credit |
| (d) | Includes home equity loans |
| (e) | European data includes Middle East and Africa regions |
| (f) | Includes commercial mortgage-backed securities and residential mortgage-backed securities |