Ratings: 31–32Debt Market by New Issue Category: U.S.
Dollar volume by new-issue category
In 2022, S&P Global Ratings rated approximately 75% of the $2.0 trillion in addressable debt issued in the U.S. market compared with 76% of a $3.0 trillion market in 2021. Rated debt issuance by dollar volume in the U.S. decreased by 34% from 2021 to 2022 while the number of issues decreased by approximately 35%.
The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating. The rated U.S. debt market primarily comprises six new-issue categories (shown below):
(1) Corporates (Industrials, Infrastructure, and Financial Services), (2) Municipals, (3) Sovereigns, (4) Mortgage-Backed Securities (Residential and Commercial), (5) Asset-Backed Securities, and (6) Collateralized Debt Obligations.
Notes:
Annual figures; dollar volume in billions; data by domicile of issuer/assets
Details may not sum to total due to rounding
Historical percentages calculated based on unrounded figures
Data is subject to revision to reflect final deal information
Excludes municipal student loans and private placements
Excludes confidential and repo transactions
Includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes private placements (except Rule 144a issues), retail notes, commercial paper, and all agency issues
Excludes agency deals. Includes home equity loans
Excludes asset-backed commercial paper and letters of credit
Includes sovereigns