US Dollar Credit Supply: October slowdown
Executive summary Drop in supply in October, but Reverse Yankee supply continues to impress USD corporate issuance totalled US$59bn in October, down from US$112bn in September. Despite the slower monthly volume, YTD issuance reached US$1,059bn, exceeding last year’s full-year level of US$920bn. Corporate net supply remained positive at US$30bn in October, bringing the YTD total ...
In October, US dollar credit supply saw a slowdown, with total corporate issuance dropping to US$59bn from September's US$112bn. Despite this decline, year-to-date (YTD) corporate issuance reached US$1,059bn, surpassing last year's full-year total of US$920bn. Corporate Reverse Yankee issuance, however, continued to impress, totaling €6.8bn in October and lifting YTD volume to €104bn, already surpassing the €92bn issued in 2025.
While bank bond supply slowed down in October, YTD levels remain ahead of 2025, with USD bank bond supply reaching nearly US$633bn for the year, compared to US$495bn in 2025. The senior non-preferred segment dominated the month's issuance, accounting for US$36bn. Despite a decrease in sustainable bank bond supply to US$0.3bn in October, the 2026 YTD USD-denominated sustainable supply stands at $11bn, slightly behind the 2025 level of US$11.6bn.
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