Corporate supply pencilled in at US$72bn in May
In May we saw US$72bn in corporate supply come to the market, which is an increase from the US$45bn in April and is in line with last year’s May figure (US$77bn). On a YTD basis supply sits at US$414bn, which slightly trails that of 2024 but is running ahead of most previous years. We mark the second month of negative net supply with -US$10bn, resulting in YTD net supply at a somewhat low US$131bn. This remains a technical positive for USD credit.
TMT and Utility lead in terms of value in USD corporate supply measures as they sit at US$87bn and US$77bn YTD respectfully. This is a clear increase for TMT (60%) but despite being among the top suppliers, Utility fails to hit the standards of 2024, with a decrease of 9%.
