July USD Corporate Supply Defies Summer Slowdown with Strong Issuance

The US dollar corporate supply remained strong in July, despite the summer period typically seeing a slowdown. The total amount of USD corporate issuance came in at $82.6 billion, down from June's record-breaking $110.7 billion but still nearly three times last year's July figure of $28.5 billion.

The year-to-date (YTD) supply has reached an impressive $769.7 billion, a 56% increase over the same period last year and second only to 2020. This growth is driven by various sectors, with Technology, Media, and Telecommunications (TMT) being the standout performer at $294.6 billion, up 206% from last year.

The TMT sector's dominance can be attributed to substantial technology funding and capital expenditures needs. Utilities added $11.3 billion in July and are up 35% YTD, while Healthcare and Industrials have seen significant growth at 122% and 38%, respectively. In contrast, Consumer and Autos lagged behind at -54% and -26%, with Oil & Gas seeing no issuance in July.