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 July 2022 (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 | KREDITANST FUR WIE | 0.125% GTD SNR 09/01/32 | DE000A3E5XN1 | 100% |
| 2 | KREDITANST FUR WIE | 1.375% SNR 07/06/32 | XS2475954900 | 79% |
| 3 | KREDITANST FUR WIE | 0.125% GTD SNR 30/06/25 | DE000A3MP7J5 | 75% |
| 4 | KREDITANST FUR WIE | 2% GTD SNR 15/11/29 | XS2498154207 | 49% |
| 5 | KREDITANST FUR WIE | 0% SNR 15/09/31 | XS2388457264 | 29% |
| 6 | KREDITANST FUR WIE | 0% GTD SNR 10/01/31 | DE000A3H2ZF6 | 23% |
| 7 | BPIFRANCE FINANCEM | 3.125% GTD SNR 26/09/23 | FR0011119783 | 21% |
| 8 | BNG BANK N.V. | 0% SNR 20/01/31 | XS2289404704 | 20% |
| 9 | CSE D'AMORT DETTE | 1.375% SNR 25/11/24 | FR0012159812 | 16% |
| 10 | KREDITANST FUR WIE | 0% GTD SNR 30/04/27 | DE000A3MP7H9 | 15% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | KREDITANST FUR WIE | 0.875% SNR 18/07/2 | XS2100726244 | 100% |
| 2 | SILVERSTONE MASTER | FRN SNR SEC 01/70 | XS1770381215 | 84% |
| 3 | Bank of Nova Scotia | FRN UNSUB CVD BDS 10/01/23 | XS1747445481 | 75% |
| 4 | SILVERSTONE MASTER | FRN M/BKD 01/70 | XS1966746759 | 74% |
| 5 | Royal Bank of Canada | FRN UNSUB CVD BDS 30/01/25 | XS2111228974 | 71% |
| 6 | Royal Bank of Canada | FRN GTD SNR 01/23 | XS1746306585 | 62% |
| 7 | SILVERSTONE MASTER | FRN M/BKD 01/70 | XS2109587977 | 52% |
| 8 | KOMMUNALBANKEN AS | 0.25% EMTN 15/12/25 | XS2305738598 | 51% |
| 9 | RMAC SECS NO 1 PLC | FRN M/BKD 06/44 | XS0277409446 | 48% |
| 10 | VIRGIN MEDIA VEND3 | 4.875% SNR SEC 15/07/28 | XS2187646901 | 47% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | UNEDIC | 2.375% GTD SNR 25/05/24 | FR0011755156 | 100% |
| 2 | DELIVERY HERO SE | 1% CNV SNR 23/01/27 | DE000A254Y92 | 62% |
| 3 | LORCA TELECOM BOND | 4% GTD SNR SEC 18/09/27 | XS2240463674 | 56% |
| 4 | NIEDERSACHSEN | 1.5% SNR 17/10/29 | DE000A30VHW7 | 55% |
| 5 | TEVA PHARM FINANCE | 4.375% 09/05/30 | XS2406607171 | 46% |
| 6 | INTL CONS AIRLINE | 3.75% SNR 25/03/29 | XS2322423539 | 43% |
| 7 | CASTLE UK FINCO PL | FRN GTD SNR SEC 05/28 | XS2447921466 | 42% |
| 8 | EDF | 2% SNR EMTN 09/12/49 | FR0013465424 | 41% |
| 9 | SOCIETE DU GRAND P | 1.125% SNR 22/10/28 | FR0013372299 | 40% |
| 10 | NETFLIX INC | 3.625% SNR 15/05/27 | XS1821883102 | 40% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | STONEGATE PUB CO | 8.25% GTD 31/07/25 | XS2210014788 | 100% |
| 2 | OPTIVO FINANCE PLC | 5.25% SNR 13/03/43 | XS0755862058 | 76% |
| 3 | NETWORK RAIL INFRA | IDX/LKD SNR 22/11/47 | XS0322049296 | 71% |
| 4 | NESTLE HLDGS INC | 0.625% GTD SNR 18/12/25 | XS2354271095 | 51% |
| 5 | EDF | 5.125% SNR 22/09/50 | FR0010945436 | 49% |
| 6 | NETWORK RAIL INFRA | 4.75% SNR SEC 29/11/35 | XS0206361221 | 46% |
| 7 | BAT INTL FINANCE | 4% GTD SNR 04/09/26 | XS0969309847 | 43% |
| 8 | CTRL SECTION 1 FIN | IDX/LKD A/BKD 02/11/51 | XS0179947352 | 41% |
| 9 | BRITISH TELECOM | 6.375% SNR 23/06/37 | XS0306772699 | 40% |
| 10 | BRITISH TELECOM | 6.75% GTD 15/07/26 | XS2364423652 | 40% |
Source: ICE Data Services
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Historical data of the most actively traded corporate bonds on a monthly basis can be found below:
June 2022
May 2022
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
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.
© International Capital Market Association (ICMA), Zurich, 2021. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.