---
title: "Focus on Credit: EUR corporate bonds - Primary market Q2 2024"
url: https://www.helaba.com/en/focus-credit-eur-corporate-bonds-primary-market-q2-2024
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: EUR corporate bonds - Primary market Q2 2024

Focus on: Credits 04 July 2024 © Helaba | Research & Advisory | | 04 July 2024 1 of 5 Research & Advisory EUR corporate bonds: Primary market Q2 2024 Normalization of maturity profiles - issuers are once again focusing on longer maturities In the second quarter, EUR 142 billion was placed in 253 individual transactions in the primary market for EUR corporate bonds. As in February and March, the issuance volumes in each month were significantly higher than in the same period last year. At around EUR 560 million, individual issues were slightly smaller than in the first quarter. Overall, however, the placement volume in Q2 this year was only exceeded by the result of the record year of 2020. Given the relatively low volumes in H2 2022 and H2 2023, we expect the market recovery to continue in the second half of the year. Rising investment rates among European companies should remain a key driver. Smaller benchmark bonds reach 75 % market share - Green bonds account for nearly 80 % of ESG bonds In the first half of the year, three out of four individual bonds were issued in the benchmark size range of EUR 500 million to less than EUR 1 billion. This was the highest market share for this issue format to date. The largest over- all transactions in the second quarter were issued by Novo Nordisk (EUR 4.65bn in 4 tranches in May) and Swisscom (EUR 4bn in 5 tranches in May). The market share of bonds with an ESG component was relatively low in Q2 at just under 19 %, but slightly higher than in the same quarter last year (16 %). As in previous quarters, green bonds with earmarked use of funds remained the dominant type of issue, accounting for just under 80 % of all ESG placements. Sustainability-linked bonds, on the other hand, were less significant at 14 %. Ulrich Kirschner, CFA Senior Analyst Phone +49 69/91 32-28 39 Placement volume in Q2 close to record result Euro corporate bonds\*: Issuance volume in EUR (billions) \*issues with a minimum volume of EUR 50 million Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 100 200 300 400 500 0 100 200 300 400 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 Q4 Q1 Q2 Focus on: EUR corporate bonds – Primary market Q2 2024 © Helaba | Research & Advisory | 04 July 2024 2 of 5 Industrial issuers remain in top spot - US companies now strongest issuer group by country The industrials sector brought slightly less volume to the market in the second quarter. However, since the begin- ning of January the sector has maintained its leading position both in terms of volume (18 %) and number of indi- vidual bonds (86). Utilities and Automotive remained the second and third most important sectors. However, the combined market share of the top three sectors fell to just under 50 %. The share of non-European companies in- creased again in the second quarter. In the first half of 2024 as a whole, 23 % of the total placement volume was placed by issuers based outside Europe (full year 2023: 19 %). US corporates replaced German issuers as the top issuer group by country of origin. In the first six months of the year, they accounted for 18 % of total issuance. Sub-investment grade bonds back in demand - short maturities less in vogue than in 2023 The market share of subordinated bonds in the second quarter remained at the same low level as in the first quar- ter of 2024, at 5 % of the volume. Sub-investment grade bonds were much more popular in the first half of the year than in 2022 and 2023. Their share of the total placement rose from 12 % to 18 % year-on-year. The 'BBB' rating categories accounted for 40 % of total issuance. Short maturities of up to 3 years reached a market share of 6 % in H1, well below the level for 2023 (10 %). In contrast, long maturities (over 7 years) continued to account for more than half of the market. In the months from April to June, floating-rate bonds became much more popular. Since January their share has risen to 8 % of issuance. Focus on: EUR corporate bonds – Primary market Q2 2024 © Helaba | Research & Advisory | 04 July 2024 3 of 5 Chartbook: Euro-denominated corporate bond issues Volume in Q2 months well above previous year Smaller benchmark bonds gain market share Euro corporate bonds: Issuance volume in EUR (billions) Euro corporate bonds: Placements by issue size in EUR (millions)\* Sources: Bloomberg, bondradar, Helaba Research & Advisory \*as of 28.06.2024. Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2021 2022 2023 2024 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 < 250 500 to < 1000 1000 to < 1500 >= 1500 250 to < 500 Share of bonds with sustainability component falls to 19 % Euro corporate ESG bond placements in EUR (billions) \*includes sustainable, social and sustainability-linked bonds since Q1 2021. Source: Helaba Research & Advisory 11% 16% 25% 25% 41% 38% 16% 28% 24% 30% 19% 0% 6% 12% 18% 24% 30% 36% 42% 0 5 10 15 20 25 30 35 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond issues Focus on: EUR corporate bonds – Primary market Q2 2024 © Helaba | Research & Advisory | 04 July 2024 4 of 5 Industrial sector places largest volume ... ... and most individual bonds Euro corporate bonds: issuance volume by sector, H1 2024 Euro corporate bonds: number of issues by sector, H1 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 18% Utilities 16% Automotive 13% Telco 10% Health Care 9% Personal Goods 9% Food & Bev 6% Retail 4% Chemicals 4% Other 11% Industrials 86 Utilities 75 Automotive 54 Telco 47 Health Care 33 Personal Goods 48 Food & Bev 27 Retail 23 Chemicals 20 Other 64 Non-European firms remain strongly represented US companies in the top spot Euro corporate bonds: Issuance volume by region, H1 2024 Euro corporate bonds: Issuance volume by country of origin, H1 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 62% European periphery 15% Others 23% (2023: 19 %) US 18% FR 16% GE 16% GB 9% IT 8% CH 5% BE 4% NL 4% ES 3% DK 3% Others 14% Subordinated bonds remain at five percent Non-IG bonds with higher market share Euro corporate bonds: Issuance volume by ranking, H1 2024 Euro corporate bonds: Issuance volume by credit quality group\* Sources: Bloomberg, Helaba Research & Advisory \*as of 28.06.2024. Sources: Bloomberg, Helaba Research & Advisory Senior 95% Subordinated 5% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 IG HY Crossover NR Focus on: EUR corporate bonds – Primary market Q2 2024 © Helaba | Research & Advisory | 04 July 2024 5 of 5 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud R. Traud Chief Economist/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main Phone +49 69 / 91 32 - 2024 Internet: www.helaba.com Disclaimer This publication was very carefully researched and prepared. However, it contains analyses and fore- casts regarding cur-rent and future market condi- tions that are for informational purposes only. The data are based on sources that we consider reliable, though we cannot assume any responsibility for the sources being accurate, complete, and up to date. All statements in this publication are for informa- tional purposes. They must not be taken as an offer or recommendation for investment decisions. Sign up for our newsletter here: https://news.helaba.de/research/ 'BBB' categories contribute 40 % of volume Longer tenors make up more than half of market Euro corporate bonds: Issuance volume by rating class, H1 2024 Euro corporate bonds: Issuance volume by maturity, H1 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 18% BBB 14% A 13% A- 12% BBB- 8% B 6% A+ 6% NR 5% AA- 4% BB+ 4% BB 3% Others 7% Perpet. 4% > 15 yr 7% > 10 - 15 yr 20% > 7 - 10 yr 25% > 5 - 7 yr 28% > 3 - 5 yr 10% <= 3 yr 6% (2023: 10 %) Average bond size slightly larger than in 2023 Floating rate bonds more in demand again Euro corporate bonds: Average issuance size by maturity in EURm Euro corporate bonds: Issuance volume by fixed vs. floating, H1 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 200 400 600 800 1000 Perpet. > 15 yr > 10 - 15 yr > 7 - 10 yr > 5 - 7 yr > 3 - 5 yr <= 3 yr Total 2023 H1 2024 Fixed 87% Floater (Other) 8% Floater (Hybrids) 5% (2023: 7 %)

Second quarter issuance volume well up year-on-year. Increased demand from issuers for longer maturities. Corporate investment needs support market momentum in the second half of the year.