Total long-term securities issuance was $1.65 trillion in the first quarter of 2016, according to a recent report from the Securities Industry and Financial Markets Association.
This was an 11.6% increase from $1.48 trillion issued in the fourth quarter of 2015 but a 5.4% decline year over year from $1.75 trillion in the first quarter of 2015, according to the report.
SIFMA recently published its Research Quarterly Report for the first quarter of 2016, which compiles statistics, including issuance data, for a broad range of asset classes across the U.S. capital markets.
The report finds that issuance rose quarter to quarter across all asset classes – except mortgage-related securities issuance.
Here’s a breakdown of the seven asset classes included in SIFMA’s Research Quarterly report:
- Municipal Bond Market
Long-term public municipal issuance volume, including private placements, totaled $99.7 billion in the first quarter of 2016, according to the report. This was an increase of 17.7% from the prior quarter ($84.7 billion) but a year-over-year decline of 8%.
- Treasury Market
Total gross issuance of Treasury bills and coupons, including cash management bills, floating rate notes and Treasury inflation-protected Securities, was $2.14 trillion in 1Q’16, up 18% from $1.81 trillion in the fourth quarter of last year and a 24.6% year-over-year increase of $1.72 trillion.
SIFMA finds that U.S. Treasury net issuance, including cash management bills, decreased to a net $244 billion in the first quarter – but was a 72.8% increase from 1Q’15 net issuance of $141.2 billion.
- Federal Agency Debt Market
Federal agency long-term debt issuance was $147 billion in the first quarter, a 20.9% increase from $125.5 billion in the prior quarter and 7.1% above 137.2 billion issued in the first quarter of 2015.
- Mortgage-Related Securities
Issuance of mortgage-related securities, including agency and nonagency passthroughs and collateralized mortgage obligations, totaled $326.3 billion in the first quarter. According to SIFMA, this was a 16.1% decline from $379.3 billion in the fourth quarter. This was the only asset class where issuance declined quarter to quarter.