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Fitch: EMEA Corporate Bonds - Rating and Issuance Trends

November 14, 2012 Fitch Ratings
Favourable Funding Conditions Propel Q312 EMEA Corporate Bond Issuance to Defy Net Negative Rating Migration

Fitch Ratings’ latest quarterly corporate bond market report provides detailed analysis and data on rating and issuance trends as well as commentary on the outlook for refinancing for financial and non-financial corporates.

Highlights include:
Financial Institutions

  • Net rating migrations remained in negative territory during the third quarter, with the market impact of composite rating downgrades outpacing upgrades by a ratio of 13:1. Downgraded bonds affected 4.2% by par value of financial issuance outstanding – reducing by almost two-thirds the value in the prior quarter, when the rate ran at 10.1%.
  • The downgrade rate by bonds outstanding in the year to September averages 6.1% - twice the figure over the comparable period in 2011.
  • Financial sector issuers remain on track to fulfill overall refinancing needs for the year, having replaced 71% of scheduled 2012 maturities, despite a drop of in senior unsecured issuance.


  • The downgrade rate for non-financials moderated to 1.7% from 4.9% in the prior quarter, with utilities and transportation sector bonds accounting for the majority of the move. Bonds by Italian firms dominated transportation sector downgrades.
  • New bond issuance in the third quarter grew 38%, rebounding from a fall of similar proportion in Q212. Total new issuance in the year to September is up 81% compared to the same period in 2011.
  • The significant boost in new issuance reflects record low costs of funding for bonds across the rating spectrum, with the exception of ‘B’ and below.

Click here to read the full findings of the latest quarterly report.