News Digest: High-yield bonds issue slows down in November

December 12, 2022

News Digest:

US high yield bonds saw thin monthly volumes during November, extending a longish streak even while the market sentiment is showing signs of improvement. Issuance of bonds totalled $9.2 billion across nine tranches. This was the lowest total for November since 2018 when issuance stood at $5.1 billion and ranks fourth lowest since 2005 for volumes for the month.


November saw bond issues average nearly $25 billion over the 10-year span running through 2021, though this total was higher than the $4 billion that borrowers ordered in October. New high yield paper issuance totals in nine of the 11 months in 2022 have consistently stayed below $10 billion threshold.



High yield bond issues through November remained down 78% from a comparable period of 2021 while the rolling 12-month average fell to $109.5 billion. This was its lowest point since August 2009 and compared poorly with the $484.5 billion levels for the 12 months ended November 2021.



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