US Dollar Corporate Supply Defies Summer Lull with Record-Breaking Numbers

The US dollar corporate supply remained strong in July, despite the summer period, and nearly tripled from last year's numbers. The total USD corporate supply for July was $82.6 billion, down from June's $110.7 billion but still significantly higher than the $28.5 billion issued in July 2025.

This brings the year-to-date (YTD) supply to $769.7 billion, a 56% increase over last year and second only to 2020. The net supply after redemptions of $30 billion was $52.6 billion, lifting the YTD total to $425.9 billion.

TMT dominated July's issuance with $27.7 billion and remains the standout YTD driver at $294.6 billion, up 206% year-over-year (YoY), reflecting substantial technology funding and capex needs. Utilities added $11.3 billion and are up 35% YTD, while Healthcare and Industrials are up 122% and 38%, respectively.

The Reverse Yankees added €5.2 billion in July, lifting the YTD supply to €74.1 billion and diverting some US issuance into euros, mostly in the TMT space. The EUR cost advantage is increasingly issuer- and maturity-dependent as USD spreads tighten.