A total of US$3.7 trillion in DCM deals has been priced year to date, according to Dealogic data, up 11.7% year on year (YoY). By deal count, however, figures have declined 7.9% YoY to 9,689, suggesting that global DCM deals are increasing in size.
Despite the continued dominance of the Americas, four of the five largest DCM deals of the month were sovereign issuances in Europe and the UK. Italy led the pack with a US$20.6 billion deal priced on 15 April, overtaking a US$20.1 billion deal by the UK the day before.
The only US-originated deal was by a corporation, RD Michigan Property Owner I LLC, with US$13.8 billion in proceeds going towards the construction of an Oracle data centre in Saline Township, Michigan.
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Across the Americas, the majority of DCM deals were investment grade (IG), with 1,245 deals generating US$821 billion in proceeds. A further 102 high yield (HY) deals produced US$109.5 billion.
In the global loans space, volumes were down 15% YoY globally to US$1.6 trillion and down 22.7% YoY by count to 701 individual loans.
All but one of the five largest loans this month were US-based, with Spanish biopharma company Grifols generating a US$5.4 billion loan on 2 April.
Paramount Skydance was the largest loan by a significant margin (US$10 billion) followed by Dominion Energy at US$7 billion.
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