Labeled Bonds Quarterly Market Overview Q2 2023
Research Paper
August 31, 2023
Preview
In our quarterly series dedicated to labeled bonds, we break down the latest issuance trends and the overall market by multiple bond and issuer characteristics to identify key developments in this rapidly growing and increasingly diverse market.
The market added USD 172 billion (net) worth of labeled bonds during the second quarter of 2023, bringing the total outstanding amount to USD 3.2 trillion at the end of the quarter. Looking at issuance trends over the last five years, we estimate full-year issuance for 2023 between USD 0.8 and 1 trillion, subject to market conditions which may be stressed by the possibility of recession in several major economies.
Gross labeled-bond issuance and amount outstanding (last five years and year to date)
Data as of June 30, 2023. SLB = sustainability-linked bonds. Source: Refinitiv, MSCI ESG Research
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