After inching a little higher in 2017, the world bond market growth rate slipped back again in 2018 as interest rates moved sharply higher leaving many segments of the global fixed income markets with flat to negative total returns for the year. Against that backdrop, the total outstanding debt across the global bond markets, as measured by the ICE BofAML bond index families, grew by just 4.6% in 2018, which is only slightly higher than the lowest reading of the last 22 years.

Read the ICE Data Indices report for more analysis.

KEY TAKEAWAYS:

  • EM local sovereign growth continued to outpace its DM counterpart
  • U.S. Agencies continue their steady decline
  • High yield sees large contraction as new issuance slips 39%
  • U.S. CMBS shows some signs of life

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