Barnes-on-Bonds-Primary

American primary debt markets keep humming

Dealogic data show US debt capital market (DCM) issuance is little changed year on year (YoY) in aggregate: 2025 year-to-date (YtD) totals US$1.97 trillion...

Year-to-date issuance higher in corporate bonds as leveraged loans drop

Issuance of corporate debt in the US and European markets is looking relatively strong year to date, however loans have tailed off significantly, according...

Second quarter issuance recovers after soft April and May

Morgan Stanley has reported that June issuance increased 13% year-on-year (YoY) following a 34% drop in April and 3% decline in May. “Strong June issuance...

US bond deals fragment as EMEA consolidates

The latest breakdown of debt capital market (DCM) issuance by Dealogic has found that deal numbers in the US have declined slightly year-to-date versus...

European govies issued at record level in Q1

This year saw the highest first-quarter European government bonds and bills issuance volume since 2006 as €1.2 trillion was issued in Q1 2025, according...

Primary held in check by tariff and rate uncertainty

Gross credit issuance has fallen in developed markets, according to data from Dealogic and Morgan Stanley, across investment grade (IG) and high yield (HY). DM...

Moody’s strips US of its final triple-A

Moody’s Investors Service has cut the long-term sovereign rating of the United States by one notch to Aa1, citing the inexorable rise in federal...

Insights and Analysis: Citadel Securities challenges primary market conflicts

A year ago, rumours in the bond markets suggested that Citadel Securities might be planning a move into bond issuance, a move which buy-side...

CUSIP issuance up YoY, but March decline signals concern

Year-to-date CUSIP issuance, which is indicative of new debt securities being issued, has increased year-to-date against 2024 figures, according to CUSIP Global Services (CGS). Its latest...