Series: Analytical Articles.
Author: Alberto Fuertes, Luis Molina, Luna Romo and Emilio Muñoz de la Peña.
Topics: Spain | Monetary policy | International Economy | Economic situation | Financial analysis.
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Abstract
The total volume of bond issuance in 2017 remained similar to that in previous years, edging down slightly as a result of the drop in public-sector issuance. As usual, there were significant
differences between the regions and quarters analysed. By quarters, the year got off to a good start, with strong growth in the volume of issuance in the first quarter, followed by a slight deceleration. This pattern possibly reflects some issuers seeking to bring forward their placements in anticipation of worsening financial conditions, given the context of progressive monetary policy tightening. By region, the drop in issuance by the United States stands out, alongside the strong performance of the emerging markets. There was also a marked increase in the volume of placements in higher-risk segments, such as corporate and high-yield bonds, and in emerging markets, which reached record levels.