Ratings: 31–32
Debt 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.

 

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

0.0 136.5 273.0 409.5 546.0 Infrastructure ABS RMBS STRUCTUREDFINANCE GOVERNMENT CORPORATES CDOs CMBS Industrials Municipals Sovereigns $ 144 $ 249 $102 $126 $1 53 $ 343 $ 70 $445 $432 Financial Services Total: $2.0 Trillion Financials n Investment Grade $ 281 $ 603 $1,906 $1,001 n Speculative GradeNonfinancials n Investment Grade n Speculative Grade Total Global $701 $ 1,903 $ 1,897 $2,003

 

Rated U.S. Debt Market (a, b, c, d, e, f)

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

88%
84%
83%
85%
81%
78%
80%
85%
76%
75%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$1,535
$1,638
$1,744
$1,744
$1,930
$1,523
$1,765
$2,408
$2,268
$1,476
Rated Volume
$1,746
$1,940
$2,096
$2,057
$2,369
$2,205
$1,951
$2,835
$2,994
$1,965
# of Rated Issues
$11,410
$11,241
$12,709
$12,869
$11,878
$9,680
$11,553
$12,913
$13,976
$9,122

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

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U.S. Corporates: Industrials (c)

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

98%
98%
98%
99%
98%
98%
97%
94%
96%
97%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$576
$567
$701
$654
$720
$473
$660
$1,097
$747
$420
Rated Volume
$586
$576
$715
$659
$732
$482
$682
$1,163
$780
$432
# of Rated Issues
$699
$587
$548
$549
$671
$430
$510
$848
$1,051
$654

Sources: Refinitiv, S&P Global Ratings

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U.S. Corporates: Infrastructure

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

99%
96%
99%
99%
95%
96%
88%
97%
97%
98%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$62
$87
$79
$90
$80
$72
$72
$116
$101
$69
Rated Volume
$62
$90
$79
$91
$84
$75
$81
$120
$104
$70
# of Rated Issues
$115
$137
$121
$125
$124
$95
$114
$137
$164
$121

Sources: Refinitiv, S&P Global Ratings

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U.S. Corporates: Financial Services (c)

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

96%
96%
96%
97%
96%
94%
94%
92%
91%
97%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$321
$392
$394
$383
$430
$349
$369
$478
$560
$431
Rated Volume
$333
$409
$412
$394
$445
$369
$394
$522
$612
$445
# of Rated Issues
$539
$512
$471
$473
$514
$424
$500
$574
$864
$647

Sources: Refinitiv, S&P Global Ratings

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U.S. Municipals (a)

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

86%
83%
82%
80%
84%
82%
79%
79%
80%
77%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$292
$276
$317
$344
$355
$272
$327
$364
$344
$263
Rated Volume
$340
$331
$385
$429
$422
$331
$411
$458
$429
$343
# of Rated Issues
$9,234
$8,944
$10,547
$10,665
$9,156
$7,256
$9,075
$10,135
$9,772
$6,395

Sources: Refinitiv, S&P Global Ratings

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U.S. Residential Mortgage-Backed Securities (RMBS) (b, d)

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

61%
48%
15%
18%
11%
18%
26%
20%
15%
22%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$18
$16
$7
$6
$5
$12
$29
$20
$27
$28
Rated Volume
$30
$33
$47
$35
$51
$67
$114
$97
$179
$126
# of Rated Issues
$90
$103
$127
$76
$100
$150
$246
$230
$391
$298

Sources:  Green Street Advisors, S&P Global Ratings

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U.S. Commercial Mortgage-Backed Securities (CMBS) (b)

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

39%
31%
25%
24%
40%
39%
44%
28%
29%
14%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$32
$27
$23
$16
$33
$27
$38
$15
$31
$15
Rated Volume
$82
$89
$95
$67
$83
$69
$87
$52
$107
$102
# of Rated Issues
$107
$127
$127
$105
$123
$121
$141
$89
$164
$127

Sources: Green Street Advisors, S&P Global Ratings

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U.S. Asset-Backed Securities (ABS) (b, e)

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

68%
70%
66%
63%
65%
64%
63%
67%
57%
58%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$118
$147
$125
$121
$141
$145
$143
$127
$159
$144
Rated Volume
$173
$210
$190
$192
$216
$229
$227
$191
$278
$249
# of Rated Issues
$304
$345
$332
$352
$370
$428
$406
$338
$429
$411

Sources: Green Street Advisors, S&P Global Ratings

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U.S. Collateralized Debt Obligations (CDOs) (b)

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

79%
52%
37%
54%
43%
46%
54%
79%
53%
38%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
S&P Rated Volume
$70
$70
$40
$58
$124
$130
$82
$92
$231
$55
Rated Volume
$89
$136
$108
$108
$286
$280
$152
$117
$432
$144
# of Rated Issues
$206
$292
$247
$273
$630
$610
$355
$351
$975
$343

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 municipal student loans and private placements

(b)

Excludes confidential and repo transactions

(c)

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

(d)

Excludes agency deals. Includes home equity loans

(e)

Excludes asset-backed commercial paper and letters of credit

(f)

Includes sovereigns