Global credit snapshot July 2024

• Overall European issuance dipped in July in line with summer ‘norms’ but that trend was bucked by the FIG and HY sub-sectors. The YTD total passed through the EUR1tn marker and remains around 10% higher than last year
• APAC saw the wind taken out of its sails in the latter half of the month with July’s total of USD24.619bn (incl. Japan) marking a sharp decline from the USD35.384bn seen in June. That said, it was still sufficient for July to record the third highest month of the year so far
• IG ex-SSA issuance in the US for July 2024 was USD125.504bn - the second-highest ever for the month, surpassing July 2017's USD120.33bn and coming just behind July 2015's USD128.48bn. The surprisingly large haul brought the year-to-date ex-SSA new issue volume to USD1.009tn, or 23.1% ahead of this time last year

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