About the Report
The SIFMA Fact Book is an annual reference containing comprehensive data on the securities industry, capital markets, market activity, investor participation, global markets, savings and investment, and much more. The Fact Book - used frequently by industry professionals, regulators, academics, and journalists - amasses data from dozens of sources into a single, easily accessible reference source for researchers and others who track key industry statistics.
Summary
The securities industry raised $2.3 trillion of capital for businesses in 2015 through debt and equity issuance activity in the United States, a 1.1 percent decline from the previous year. Of the $2.3 trillion total, $2.14 trillion was public debt and equity underwriting, which fell by 1.2 percent from $2.16 trillion in 2014. The balance was private placements, which fell slightly to $137.0 billion.
Public equity issuance, including common and preferred shares, totaled $256.7 billion in 2015, a decline of 17.6 percent. Initial public offering (IPO) volume, excluding closed-end funds, was $32.5 billion, down 65.8 percent from a record breaking $94.3 billion in 2014, while closed-end fund IPOs fell by 1.2 percent to $6.4 billion. Follow-on, or secondary, issuance totaled $185.7 billion, up 6.9 percent from 2014.
Public issuance of corporate debt, asset-backed securities and non-agency mortgage-backed securities totaled $1.9 trillion in 2015, a 1.6 percent increase from 2014 and the highest level since 2007. The largest issuing segment was corporate debt, which rose 3.5 percent to $1.49 trillion in 2015. Convertible corporate debt declined to $19.7 billion, a 47.7 percent decline from 2014. Non-agency mortgage-backed securities issuance rose to $177.4 billion, up 13.6 percent from 2014, while asset-backed securities issuance volume fell 10.8 percent to $193.6 billion.
U.S. long-term municipal bond underwriting totaled $403.6 billion in 2015, a 19.6 percent increase from $337.5 billion in 2014. Of the total, 55.6 percent was issued in form of revenue bonds, 38.0 percent in general obligation bonds and the remainder in private placements.
SIFMA Research
- Kyle Brandon, Managing Director, Director of Research
- Sharon Sung, Assistant Vice President, Research
- Justyna Podziemska, Senior Associate, Research
