Global
European
APAC
African
US
(As of August 2020)

As of August 2020, ICMA estimates that the overall size of the global bond markets in terms of USD equivalent notional outstanding, is approximately $128.3tn. This consists of $87.5tn SSA bonds (68%) and $40.9tn corporate bonds (32%).


Global Bond Markets


Source: ICMA analysis using Bloomberg Data (August 2020)


Global SSA Bond Markets

The SSA bond markets are dominated by the US ($22.4tn), China ($19.8tn), and Japan ($12.4tn). Between them they make up 62% of the global SSA market. Sovereign bonds constitute 73% ($63.7tn) of the global outstanding SSA market.

 
Source: ICMA analysis using Bloomberg Data (August 2020)


Global Corporate Bond Markets

In terms of country of incorporation, the global corporate bond markets are dominated by the US ($10.9tn) and China ($7.4tn). Between them they make up 45% of the total global corporate bond market. 53% ($21.5tn) of outstanding corporate bonds are issued by financial institutions.

 
Source: ICMA analysis using Bloomberg Data (August 2020)


Trends in Global Bond Issuance

 
Source: ICMA analysis using Bloomberg Data (August 2020)

 
Source: ICMA analysis using Bloomberg Data (August 2020)


(As of May 2020)



European SSA

(As of May 2020)

The below outstandings are based on the overall size of the European SSA bond market. This takes into account publicly listed bonds of sovereigns, supranationals, and government agencies incorporated in the EEA (including Switzerland), and denominated in an EEA currency (including CHF).

As of May 2020, this is estimated to constitute 11,070 individual ISINs, with a combined equivalent nominal value of approximately €12.2 trillion.


European SSA bond market by country of issuance


Source: ICMA analysis using Bloomberg data (May 2020)


European SSA bond market by currency


Source: ICMA analysis using Bloomberg data (May 2020)


European SSA bond market by maturity profile


Source: ICMA analysis using Bloomberg data (May 2020)


European IG corporate

The below outstandings are based on the overall size of the European investment grade corporate bond market (including financial and non-financial corporate issuers). This takes into account the publicly listed bonds of issuers incorporated in the EEA (including Switzerland), and denominated in an EEA currency (including CHF). Investment grade is determined by a bond possessing a minimum investment grade rating from at least one of the three main European ratings agencies.

As of May 2020, this is estimated to constitute 17,094 individual ISINs, with a combined equivalent nominal value of approximately €5.65 trillion.


Size and sectorial breakdown of the European IG corporate bond market


Source: ICMA analysis using Bloomberg data (May 2020)


European IG corporate bond market by issuer country of incorporation


Source: ICMA analysis using Bloomberg data (May 2020)


European IG corporate bond market by currency


Source: ICMA analysis using Bloomberg data (May 2020)


European IG corporate bond market by maturity


Source: ICMA analysis using Bloomberg data (May 2020)


European IG corporate bond market issuance history


Source: ICMA analysis using Bloomberg data (May 2020)

(As of July/August 2020)

APAC (ex- Japan and China)

As of July 2020, ICMA estimates the notional value of the outstanding APAC SSA market (excluding Japan and China) to be approximately $5.9tn, of which $4.3tn are government bonds. It estimates the APAC corporate bond market (excluding Japan and China) – defined as bonds issued by corporations incorporated in an APAC country (excluding Japan and China and issued in an APAC local currency (excluding JPY and CNY) – to be approximately $1.8tn.


APAC SSA bond market (ex- Japan & China)

 
Source: ICMA analysis using Bloomberg Data (July 2020)


APAC sovereign bond market (ex- Japan & China)

 
Source: ICMA analysis using Bloomberg Data (July 2020)


APAC corporate bond market (ex- Japan & China)

 
Source: ICMA analysis using Bloomberg Data (July 2020)


China

As of July 2020, ICMA estimates the notional value of the outstanding onshore China SSA market to be approximately $19.4tn, of which $7.1tn are sovereign bonds. It estimates the onshore China corporate bond market– defined as bonds issued by corporations incorporated in China and issued in CNY – to be approximately $6.95tn.


China SSA bond market
 

Source: ICMA analysis using Bloomberg Data (July 2020)


China SSA bond market by maturity
 

Source: ICMA analysis using Bloomberg Data (July 2020)


China onshore corporate bond market

 
Source: ICMA analysis using Bloomberg Data (July 2020)


Japan

As of July 2020, ICMA estimates the notional value of the outstanding onshore Japan SSA market to be approximately $12.3tn, of which $11.0tn are sovereign bonds. It estimates the domestic Japan corporate bond market– defined as bonds issued by corporations incorporated in Japan and issued in JPY – to be approximately $826bn.


Japan SSA bond market
 

Source: ICMA analysis using Bloomberg Data (July 2020)


Japan SSA bond market by maturity

 
Source: ICMA analysis using Bloomberg Data (July 2020)


Japan domestic corporate bond market
 

Source: ICMA analysis using Bloomberg Data (July 2020)


APAC G3 Corporate Bonds

As of August 2020, ICMA estimates the notional value of the outstanding APAC G3 corporate bond market – defined as bonds issued by corporations incorporated in an APAC country and issued in USD, EUR, or GBP – as approximately $2.8tn, consisting of 9,708 ISINs. China, Australia, and Japan dominate in terms of country of risk, making up 71% of total outstandings. China alone ($1.0tn) makes up 38% of APAC G3 outstandings. USD is the predominant currency of issuance (88%).


APAC G3 corporate bond market by country of incorporation


Source: ICMA analysis using Bloomberg Data (August 2020)
 

APAC G3 corporate bond market by sector

 
Source: ICMA analysis using Bloomberg Data (August 2020)


APAC G3 corporate bond market cumulative issuance since Q1 2010


Source: ICMA analysis using Bloomberg Data (August 2020)

(As of July 2020)



African SSA bond markets

As of July 2020, ICMA estimates the notional value of the outstanding domestic African SSA bond market – defined as bonds issued by an African SSA entity issued in local currency – to be approximately $802.9bn, constituting 4,918 ISINs. This is largely dominated by RSA (notional value $329.3 and 199 ISINs).

ICMA estimates the international African SSA bond market – defined as bonds issued by an African SSA entity issued in a non-African currency – to be approximately $199bn, consisting of 370 issues. USD is the predominant currency of issue (85%), followed by EUR (14%).


RSA domestic SSA bond market


Source: ICMA analysis using Bloomberg Data (July 2020)


African (ex-RSA) local SSA bond markets


Source: ICMA analysis using Bloomberg Data (July 2020)


African international SSA bond market


Source: ICMA analysis using Bloomberg Data (July 2020)




African corporate bond markets

As of July 2020, ICMA estimates the notional value of the outstanding African corporate bond market – defined as bonds issued by corporations incorporated in an African country – to be approximately $149.bn, constituting 2,185 ISINs. This is largely dominated by corporations incorporated in RSA (notion value $95.7bn and 1,720 ISINs). ZAR (50%) and USD (43%) are the most prominent currencies of issuance.


African corporate bond markets by currency


Source: ICMA analysis using Bloomberg Data (July 2020)
 

RSA corporate bond market

 
Source: ICMA analysis using Bloomberg Data (July 2020)


African (ex-RSA) corporate bond markets by country of incorporation

 
Source: ICMA analysis using Bloomberg Data (July 2020)


African (ex-RSA) corporate bond markets by country of incorporation and sector

 
Source: ICMA analysis using Bloomberg Data (July 2020)



(As of August 2020)

US SSA Market

As of August 2020, ICMA estimates the size of the US domestic SSA bond market – defined by outstanding issuance by the US Treasury, government national, regional, and local agencies, and supranational, denominated in USD – as having a notional value of $22.57tn. Of this, $20.7tn (91%) is made up of US Treasuries (including notes and bills).  

 
Source: ICMA analysis using Bloomberg data (August 2020)


US Corporate Bond Market

As of August 2020, ICMA estimates the size of the US domestic corporate bond market – defined by outstanding issuance by corporations incorporated in the US and denominated in USD – as having an approximate notional value of $9.97tn, and consisting of 40,268 different CUSIPs. Outstanding issuance by financial entities constitutes 28% of the overall market ($2.8tn).   

 
Source: ICMA analysis using Bloomberg data (August 2020)


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