The supply of US dollar credit in October 2023 has decreased to $59 billion, which represents a significant reduction compared to the $112 billion recorded in September. Despite this monthly decrease, the total year-to-date (YTD) supply has reached $1,059 billion, which exceeds last year's total of $920 billion.
Details of Corporate Supply and Market Demand
The net supply from corporations in October reached $30 billion, and the total YTD supply has increased to $601 billion. The Technology, Media, and Telecom (TMT) sector remains the largest source of US dollar supply with $30 billion in October. The total YTD supply in this sector has reached $435 billion, showing a significant increase compared to $208 billion in the same period in 2022. Additionally, the public utilities and chemical and industrial sectors follow, with YTD supplies of $165 billion and $131 billion, respectively.
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Status of Bank Bond Issuance
The issuance of bank bonds in October has decreased to over $52 billion, reflecting an $18 billion drop from $70 billion in September. However, the total YTD issuance of bank bonds has approached $633 billion, still exceeding $495 billion in YTD 2022. The largest volume of issuance this month belongs to senior non-preferred bonds, totaling $36 billion.
A significant decrease is also observed in the issuance of preferred senior bonds and covered bonds, which have reached $6 billion and nearly $3 billion, respectively. Despite this slowdown, the total issuance of covered bonds has reached $24 billion in YTD 2026, showing an increase of $13 billion compared to last year.
In the public primary market, a sustained decrease in bank bond issuance has also been recorded in October, with only $0.3 billion issued this month. This is the lowest level recorded since the beginning of this year, bringing the total sustainable YTD issuance to $11 billion, slightly below $11.6 billion in YTD 2022. While the issuance of green and social bonds has decreased compared to last year, an increase in sustainable bank bond issuance to $2.4 billion has been observed.
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