Ratings: 33–34
EMEA (Europe, Middle East, Africa) Region Debt Market 

Dollar volume by new-issue category

In 2022, S&P Global Ratings rated approximately 75% of the $1.6 trillion of addressable debt issued in the EMEA region market, which includes Europe, the Middle East, and Africa, compared with 74% of $2.0 trillion in 2021. Rated debt issuance by dollar volume in the region decreased by approximately 18% from 2021 to 2022, and the number of issues decreased by 28%.

The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating. The rated EMEA debt market comprises six new-issue categories (shown below):  (1) Corporates (Industrials, Infrastructure, and Financial Services), (2) Sovereigns/International Public Finance (IPF), (3) Mortgage-Backed Securities (Residential and Commercial), (4) Asset-Backed Securities, (5) Collateralized Debt Obligations, and (6) Covered Bonds.

Rated EMEA Debt Market:
2022 Dollar Volume by New-Issue Category (a, b, c, d, e)

0.0 136.5 273.0 409.5 546.0 Infrastructure CDOs RMBS STRUCTURED GOVERNMENT CORPORATES Covered Bonds ABS Industrials Sovereigns/IPF $ 1,139 $ 1,131 $1,153 $1,136 $1,573 $1,119 $1,519 $ 1,160 Financial Services Total: $2.1 Trillion Infrastructure CDOs CMBS Covered Bonds ABS Industrials Sovereigns/IPF RMBS Total: $1.6 Trillion $ 35 $ 1 $ 232 $ 28 $ 266 $ 64 $ 396 $ 73 $546 Financial Services STRUCTUREDFINANCE GOVERNMENT CORPORATES

Rated EMEA Debt Market (a, b, c, d, e)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

83%
81%
78%
80%
78%
74%
74%
75%
74%
75%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$1,594
$1,615
$1,296
$1,370
$1,404
$1,359
$1,352
$1,567
$1,478
$1,227
Rated Volume
$1,910
$2,002
$1,671
$1,711
$1,809
$1,832
$1,833
$2,094
$2,011
$1,642
# of Rated Issues
$4,542
$4,607
$3,843
$3,169
$3,297
$3,007
$3,136
$2,952
$3,978
$2,872

Sources: Refinitiv, Green Street Advisors, S&P Global Ratings

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EMEA Corporates: Industrials(b) and Infrastructure

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

92%
94%
91%
94%
90%
88%
87%
88%
84%
89%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$430
$465
$352
$447
$434
$403
$440
$544
$430
$301
Rated Volume
$466
$493
$386
$477
$480
$460
$508
$617
$512
$340
# of Rated Issues
$694
$654
$552
$532
$627
$513
$648
$701
$801
$597

Sources: Refinitiv, S&P Global Ratings

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EMEA Corporates: Financial Services (b)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

87%
82%
84%
87%
80%
82%
80%
77%
78%
85%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$495
$553
$464
$434
$435
$446
$427
$440
$528
$466
Rated Volume
$567
$677
$550
$499
$541
$544
$534
$570
$677
$546
# of Rated Issues
$1,972
$1,971
$1,594
$1,181
$1,124
$1,021
$1,015
$1,041
$1,858
$1,125

Sources: Refinitiv, S&P Global Ratings

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EMEA Sovereigns/IPF

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

89%
83%
77%
78%
81%
82%
79%
71%
75%
78%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$525
$441
$308
$338
$377
$365
$347
$466
$335
$308
Rated Volume
$590
$533
$398
$434
$463
$446
$439
$658
$446
$396
# of Rated Issues
$1,246
$1,388
$978
$709
$744
$587
$598
$663
$504
$393

Sources: Refinitiv, S&P Global Ratings

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EMEA Residential Mortgage-Backed Securities (RMBS) (a, d)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

48%
54%
57%
56%
61%
51%
56%
62%
76%
82%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$13
$21
$28
$32
$28
$28
$31
$22
$39
$53
Rated Volume
$26
$40
$50
$56
$45
$55
$56
$36
$51
$64
# of Rated Issues
$43
$58
$57
$67
$49
$64
$86
$65
$81
$70

Sources: Green Street Advisors, S&P Global Ratings

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EMEA Commercial Mortgage-Backed Securities (CMBS) (a)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

38%
47%
66%
1%
71%
60%
51%
24%
54%
62%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$4
$2
$3
$0
$2
$3
$4
$1
$5
$1
Rated Volume
$10
$4
$5
$4
$4
$5
$7
$3
$9
$1
# of Rated Issues
$12
$9
$11
$4
$6
$14
$16
$7
$19
$4

Sources: Green Street Advisors, S&P Global Ratings

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EMEA Asset-Backed Securities (ABS) (a, c)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

65%
51%
49%
40%
45%
47%
38%
43%
36%
30%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$35
$33
$25
$21
$21
$23
$15
$17
$18
$8
Rated Volume
$53
$65
$51
$54
$47
$49
$38
$40
$49
$28
# of Rated Issues
$80
$119
$95
$104
$91
$75
$72
$68
$92
$63

Sources: Green Street Advisors, S&P Global Ratings

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EMEA Collateralized Debt Obligations (CDOs) (a)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

83%
41%
59%
68%
50%
25%
45%
92%
63%
62%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$12
$11
$13
$20
$28
$18
$22
$28
$74
$22
Rated Volume
$14
$26
$21
$29
$57
$69
$49
$31
$118
$35
# of Rated Issues
$43
$53
$48
$66
$149
$154
$122
$77
$279
$90

Sources: Green Street Advisors, S&P Global Ratings

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EMEA Covered Bonds

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2022)

44%
54%
49%
49%
46%
36%
33%
35%
35%
30%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$81
$89
$103
$77
$80
$74
$67
$49
$49
$69
Rated Volume
$183
$165
$211
$158
$173
$203
$202
$139
$138
$232
# of Rated Issues
$452
$355
$508
$506
$507
$579
$579
$330
$344
$530

Sources: Green Street Advisors, S&P Global Ratings

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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

(a)

Excludes confidential and repo transactions

(b)

Includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes private placements (except Rule 144a issues), retail notes, and commercial paper

(c)

Excludes asset-backed commercial paper and letters of credit

(d)

Includes home equity loans

(e)

Includes sovereigns