Market Volume: Observed trades in EUR and GBP investment grade corporate bonds
ICE Data Services incorporates a combination of publicly available data sets from trade repositories as well as proprietary and non-public sources of market colour and transactional data across global markets, along with evaluated pricing information and reference data to support statistical calibrations.
The market volume evolution represents the changes in the monthly aggregate volumes of all observed trades in securities in the relevant group, based to 100 as at September 2015. EUR Financials include approximately 4000 securities, GBP Financials 1500, EUR Non-Financials 3000, and GBP Non-Financials 1000.
ICMA intends to publish and monitor the market volume of IG Financials and Non-Financials on a monthly basis upon necessary permission of ICE Data Services.
Source: ICE Data Services
Top-traded corporate bonds in August 2025 (by volume)
ICE Data Services sources publicly available data sets from trade repositories and procures information from non-public sources of market colour and transactional data across global markets. Additionally, market colour, bid lists, dealer runs, and other transactional data is received from their global network of clients on the buyside and sell-side.
While the rankings are based on traded volumes, the right-hand column (of below tables) indicates the relative volume of each bond expressed as a percentage of the most actively traded bond’s volume (100%).
EUR Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | DE000A383TD4 | 2.375% GTD SNR 11/04/28 EUR | DE000A383TD4 | 100% |
| 2 | KREDITANST FUR WIE | 2.125% GTD SNR 31/07/28 EUR | DE000A4R2L42 | 84% |
| 3 | KREDITANST FUR WIE | 2.625% GTD SNR 26/04/29 EUR | DE000A382475 | 71% |
| 4 | BPIFRANCE FINANCEM | 3.25% GTD SNR 25/05/35 EUR | FR001400Z784 | 55% |
| 5 | KREDITANST FUR WIE | 0% GTD SNR 09/11/28 EUR1000 | DE000A3E5LU1 | 52% |
| 6 | KREDITANST FUR WIE | 2.75% GTD SNR 01/10/27 EUR | DE000A383B10 | 50% |
| 7 | SVENSKA HANDELSBKN | 3.25% SNR NPF 19/08/32 EUR | XS3152596493 | 37% |
| 8 | KREDITANST FUR WIE | 2.375% GTD SNR 05/08/27 EUR | DE000A351Y94 | 36% |
| 9 | KREDITANST FUR WIE | 3.125% GTD SNR 10/10/28 EUR | DE000A351MT2 | 35% |
| 10 | KREDITANST FUR WIE | 2.75% GTD SNR 17/01/35 EUR | DE000A383TE2 | 30% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | HSBC HOLDINGS PLC | 1.75%-FR 24/07/27 DUAL CURR | XS2322315727 | 100% |
| 2 | KREDITANST FUR WIE | 3.75% GTD SNR 09/01/29 GBP | XS2744169637 | 98% |
| 3 | HSBC HOLDINGS PLC | 6.8%-FRN SNR 14/09/2031 GBP | XS2685873908 | 94% |
| 4 | DNB BANK ASA | 4%-FRN SNR NPF 17/08/27 GBP | XS2521025408 | 86% |
| 5 | CLOSE BROS GROUP | 7.75% SNR 14/06/28 GBP1000 | XS2635182509 | 77% |
| 6 | Bank of Montreal | FRN UNSUB CVD BDS 15/09/2026 GBP | XS2386880780 | 76% |
| 7 | VIRGIN MONEY UK PL | 4%-FRN SNR MTN 25/09/26 GBP | XS1775239095 | 73% |
| 8 | KREDITANST FUR WIE | 0.75% GTD SNR 07/12/27 GBP | XS2345876333 | 71% |
| 9 | VIRGIN MONEY UK PL | 5.125%-FRN LT2 11/12/30 GBP | XS2227898421 | 67% |
| 10 | KREDITANST FUR WIE | 4.875% GTD SNR 10/10/28 GBP | XS2679764493 | 63% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | Quebec (Province Of) | 3.25% SNR NTS 22/05/2035 EUR | XS3077376047 | 100% |
| 2 | British Columbia (Province Of) | 3.5% NTS 29/05/2040 EUR | XS3081339072 | 73% |
| 3 | Ontario (Province Of) | 3.25% UNSUB NTS 03/07/2035 | XS3107219993 | 65% |
| 4 | CAB | 3.375% GTD 01/02/2028 EUR | XS2294186965 | 57% |
| 5 | HARLEY DAVIDSON FI | 4% GTD SNR 12/03/2030 EUR | XS3000561566 | 43% |
| 6 | ANHEUSER-BUSCH INB | 3.875% GTD SNR 19/05/38 EUR | BE6364525640 | 39% |
| 7 | FLEMISH COMMUNITY | 3.675% SNR 22/06/2040 EUR | BE0390238070 | 35% |
| 8 | PEPSICO INC | 4.05% 28/07/2055 | XS3121138211 | 34% |
| 9 | VERIZON COMMUN | 3.25% SNR 29/10/32 EUR1000 | XS3144675231 | 33% |
| 10 | UNEDIC | 3.375% GTD 25/11/2033 EUR | FR001400YA95 | 28% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | STHN WATER SVCS FI | 1.625% GTD 30/03/2027 GBP | XS2325617939 | 100% |
| 2 | SW (FINANCE) I PLC | 6.875% A/BKD 07/08/32 GBP'A | XS3142034969 | 74% |
| 3 | FLUTTER TREAS DAC | 6.125% GTD 04/06/2031 GBP | XS3045497347 | 73% |
| 4 | ORSTED A/S | 4.875% SNR 12/01/2032 GBP | XS0730243150 | 71% |
| 5 | LEGAL & GENERAL GP | 5.5%-FRN LT2 27/06/2064 GBP | XS1079028566 | 66% |
| 6 | ARQIVA BROADCAST | 8.625% A/BKD 01/07/2030 GBP | XS3108489645 | 54% |
| 7 | SW (FINANCE) I PLC | 7.75% GTD 31/10/2031 GBP | XS2930713735 | 53% |
| 8 | ALLIED UNVL HOLDC/ | 4.875% GTD 01/06/2028 GBP | XS2342058034 | 53% |
| 9 | VOYAGE CARE BONDCO | 5.875% GTD 15/02/2027 GBP | XS2436454768 | 49% |
| 10 | MOBICO GROUP PLC | 2.375% GTD SNR 20/11/28 GBP | XS2081477817 | 46% |
Source: ICE Data Services
Download
Historical data of the most actively traded corporate bonds on a monthly basis can be found below:
July 2025
June 2025
May 2025
April 2025
March 2025
February 2025
January 2025
December 2024
November 2024
October 2024
September 2024
August 2024
June 2024
April 2024
March 2024
February 2024
January 2024
December 2023
November 2023
October 2023
September 2023
August 2023
June 2023
May 2023
April 2023
March 2023
February 2023
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
See our archive for data (from January 2018).
This document is provided for information purposes only and should not be relied upon as legal, financial, or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.
SW (FINANCE) I PLC
