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 April 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 | DEUTSCHE BK AG LDN | 0.2%-0% BDS 15/01/26 | DE000DL8Y3Q9 | 100% |
| 2 | KREDITANST FUR WIE | 0.125% GTD SNR 30/06/25 | DE000A3MP7J5 | 51% |
| 3 | CSE D'AMORT DETTE | 0.45% NTS 19/01/32 | FR0014007RB1 | 33% |
| 4 | KREDITANST FUR WIE | 0% SNR 15/09/31 | XS2388457264 | 29% |
| 5 | KREDITANST FUR WIE | 0.375% SNR 23/04/30 | DE000A11QTF7 | 29% |
| 6 | NED WATERSCHAPSBK | 0% SNR 16/02/37 | XS2291793813 | 25% |
| 7 | KREDITANST FUR WIE | 0.125% GTD SNR 09/01/32 | DE000A3E5XN1 | 23% |
| 8 | KREDITANST FUR WIE | 0% GTD SNR 10/01/31 | DE000A3H2ZF6 | 23% |
| 9 | BNG BANK N.V. | 1.5% SNR 29/03/38 | XS1586228824 | 21% |
| 10 | NRW BANK | 0.25% GTD 04/07/25 | DE000NWB18E4 | 20% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | DRIVER UK MAST 2 | FRN 05/25 | XS1434683998 | 100% |
| 2 | KREDITANST FUR WIE | 0.875% SNR 18/07/24 | XS2100726244 | 14% |
| 3 | KREDITANST FUR WIE | 1.125% GTD SNR 04/07/25 | XS2430324405 | 21% |
| 4 | BNG BANK N.V. | 2% NTS 12/04/24 | XS2468318154 | 20% |
| 5 | NED WATERSCHAPSBK | 2% SNR 16/12/24 | XS2464810089 | 14% |
| 6 | KREDITANST FUR WIE | 1.25% SNR 29/12/23 | XS1850250710 | 8% |
| 7 | The Toronto-Dominion Bank | 2.875% SNR COCO NTS 05/04/27 | XS2464724165 | 6% |
| 8 | NATWEST GROUP PLC | 3.619%-FRN SNR 29/03/29 | XS2449910921 | 4% |
| 9 | BNG BANK N.V. | 1.625% SNR 26/08/25 | XS1811047080 | 4% |
| 10 | BARCLAYS PLC | 3.125% SNR 17/01/24 | XS1550975079 | 4% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | SELECTA GROUP BV | 8% PIK 01/04/26 | XS2249858940 | 100% |
| 2 | VESTAS WIND SYSTE | 2% GTD SNR 15/06/34 | XS2449929517 | 42% |
| 3 | VONOVIA SE | 2.375% SNR 25/03/32 | DE000A3MQS72 | 28% |
| 4 | AMER MED SYS EUR B | 1.625% GTD SNR 08/03/31 | XS2452434645 | 27% |
| 5 | DIAGEO CAPITAL BV | 1.875% GTD SNR 08/06/34 | XS2466401572 | 27% |
| 6 | L'OREAL | 0.875% SNR 29/06/26 | FR0014009EJ8 | 25% |
| 7 | STELLANTIS N.V | 2.75% SNR EMTN 01/04/32 | XS2464732770 | 24% |
| 8 | RHEINLAND-PFALZ | 0.01% SNR 17/03/25 | DE000RLP1361 | 23% |
| 9 | EDP FINANCE BV | 1.875% SNR 21/09/29 | XS2459544339 | 23% |
| 10 | BASF SE | 1.5% SNR 17/03/31 | XS2456247787 | 22% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | NORDRH-WESTFALEN | 0.625% SNR 16/12/24 | XS2394766278 | 100% |
| 2 | STONEGATE PUB CO | 8.25% GTD 31/07/25 | XS2210014788 | 42% |
| 3 | ENEL FIN INT NV | 2.875% GTD SNR 11/04/29 | XS2466363202 | 28% |
| 4 | ENEL FIN INT NV | 1% GTD SNR 20/10/27 | XS2244418609 | 27% |
| 5 | BAT INTL FINANCE | 2.25% GTD SNR 09/09/52 | XS1488409977 | 27% |
| 6 | TALK TALK TELECOM | 3.875% GTD SNR 20/02/25 | XS2121167345 | 25% |
| 7 | DIAGEO FINANCE PLC | 2.75% GTD SNR 08/06/38 | XS2466406530 | 24% |
| 8 | DIAGEO FINANCE PLC | 2.375% GTD SNR 08/06/28 | XS2466404329 | 23% |
| 9 | GSK CONS HE CA UK | 3.375% GTD SNR 29/03/38 | XS2462446696 | 23% |
| 10 | GLAXOSMITHKLINE CA | 1.625% GTD SNR 12/05/35 | XS2170609072 | 22% |
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:
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.