[co-author: Carlos Juarez]

Last week, SIFMA released its annual Capital Markets Fact Book, which reports comprehensive data on capital markets activity generally. The U.S. equity markets represent 42.6% of the $115 trillion global equity markets, with the second largest market, the EU, accounting for 11%. U.S. ECM activity saw an increase of 39.9% year-over-year, with $139.1 billion raised in 2023. IPOs accounted for $20.2 billion in issuance volume and follow-on offerings accounted for $107.1 billion in issuance volume.

The U.S. fixed income markets account for 39.4% of the $140.7 trillion of fixed income securities outstanding. The U.S. fixed income market is 2.1x larger than the next largest market, the EU, which makes up 18.4% of the debt markets. U.S. DCM issuances declined 6.9% year-over-year with corporate bond issuances increasing 5.6% year-over-year to $1.4 trillion. MBS and ABS issuances accounted for $1.3 trillion (a 38.9% decrease) and $270.5 billion (a 10.7% decrease). Of course, many of these trends have been reversed in the first half of 2024.

Source: SIFMA

Read SIFMA’s full report for more data.

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