IGM FX and Rates
By Ken Jaques 06 Jul 2020
As a result of the Covid-19 induced lockdowns, many cash-strapped corporations - those who could - descended on the US public debt market in droves, raising an unprecedented $723bln in Q2 2020. That brought ex-SSA H1 issuance to an unheard of $1,214,331bln, topping all estimates for the year. Fun fact: 2020 high grade issuance is running 101.8% higher than last year at this time. Along the way, many milestones were set including a quarter that produced (1) three of the top six busiest ex-SSA issuance months on record (2) the busiest ex-SSA issuance month on record (April’s $297.775bln) (3) and needless to say, the busiest issuance quarter, and half, of all time ($723.121bln and $1,214,331bln respectively).