---
title: "EUR corporate bonds: Primary market Q3 2024"
url: https://www.helaba.com/en/eur-corporate-bonds-primary-market-q3-2024
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# EUR corporate bonds: Primary market Q3 2024

Focus on: Credit 14 October 2024 © Helaba | Research & Advisory | | 14. October 2024 1 of 5 Research & Advisory EUR corporate bonds: Primary market Q3 2024 Normalisation of yield curve fuelling rise in volumes Buoyant growth on the primary market for euro-denominated corporate bonds continued into the third quarter of 2024 with almost EUR 100 billion across 186 issues placed from July to September - the highest amount since 2019. Although individual bonds were somewhat smaller than in the first half of the year, resulting in average placement amounts since Janu- ary falling to around EUR 580 million, higher volumes were recorded than in every month of the previous year. Taken together, the first nine months saw almost EUR 380 billion in total issuance. We anticipate that the market will sustain its good performance given that, in par- ticular, swap rates have fallen significantly and that, while inverted until recently, there has been a gradual normalisation in the swap curve. For the year as a whole, total issuance vol- ume is likely to reach EUR 450 billion and therefore approach a level similar to that in the record-breaking year of 2020. Smaller benchmarks retain 75 % market share - green issues continue to dominate ESG segment The dominant issuance size in Q3 was once again the EUR 500 million to just under EUR 1 billion range. As in same period of the previous year, this category accounted for 75 % of bond placements in the first nine months. The largest deals of the quarter included a placement by the KKR subsidiary Optics Bidco in July (EUR 3.7 billion in 8 tranches) and an issue by BMW in August (EUR 2.5 billion in 3 tranches). Compared to Q2, there was a further de- cline in the market share of bonds with an ESG component, which remained at a relatively low level of 18 % in the third quarter. Over the last four years, this proportion has only been lower in two quarters. The prevalence of green use of proceeds bonds continued to grow, with nearly 85 % of all ESG-related issues placed with this struc- ture. Ulrich Kirschner, CFA Senior Analyst Phone 069/91 32-28 39 Placement volume in Q3 – best performance since 2019 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 Q3 2024 © Helaba | Research & Advisory | 14. October 2024 2 of 5 Industrials and utilities take 1st and 2nd place respectively - US corporates retain top spot in country ranking Activity in the third quarter was particularly strong among utilities, which generated by far the highest volume of EUR 19 billion or 19.2 % of total corporate bond issuance. In terms of the first nine months of the year, the indus- trial and utility sectors placed both the largest volume with 17 % each and the biggest number of individual bonds (utilities 180, industrials 107) on the market. The first three quarters saw non-European corporates remain consid- erably more active than in the prior year, achieving a market share of 22 %, with the majority being US issuers. At 16.4 % of total market volume, they represented the most prolific country of issuance, followed by German and French companies with 16.2 % each. Subordinated bonds in the ascendant - maturity mix returning to normal Q3 also witnessed a sharp increase in the market share of subordinated bonds to 7.5 % against 5 % in the first six months of the year. This growth drove up their share to 6 % of issuance volume in the first three quarters, with nearly all notes consisting of hybrid bonds. The popularity of sub-investment grade debt was also markedly higher in the third quarter than in same period of 2022 and 2023. From January to September, it accounted for a market share of just under 19 %. Once again, the "BBB" rating categories comprised around 40 % of total issuance. A key factor that contributed to greater demand for longer maturities than in 2023 was the normalisation in base rates, while the market share of short maturities of up to 3 years stagnated at 6 %. Appetite for floating-rate notes picked up again significantly in the third quarter, with their market share rising to 9 % of issuance volume in the first nine months (+8 % in the first half of the year). Focus on: EUR corporate bonds – Primary market Q3 2024 © Helaba | Research & Advisory | 14. October 2024 3 of 5 Chartbook: Euro-denominated corporate bond issuance 9M volumes considerably higher than prior year Considerable market share of small benchmarks 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 1 October 2024. Sources: Bloomberg, bondradar, Helaba Research & Advi- sory 0 10 20 30 40 50 60 0 10 20 30 40 50 60 Jan Febr Mär Apr Mai Jun Jul Aug Sept Okt Nov Dez 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 Further decline in share of notes with sustainability component Corporate ESG bond placements in EUR (billions) \*includes sustainable, social and sustainability-linked bonds from Q1 2021. Sources: Bloomberg, Helaba Research & Advisory 11% 16% 25% 25% 41% 38% 16% 28% 24% 30% 19% 18% 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 Q3 '24 Sustainability- linked Sustainable Social Green Market share\* of Coporate ESG bond placements Focus on: EUR corporate bonds – Primary market Q3 2024 © Helaba | Research & Advisory | 14. October 2024 4 of 5 Industrial sector places largest volume, … … while utilities issue most bonds EUR corporate bonds: Issuance volume by sector, 9M 2024 EUR corporate bonds: Number of issues by sector, 9M 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 16,8% Utilities 16,8% Automotive 12,3% Health Care 9,7% Telco 9,7% Personal Goods 8,3% Food & Bev 5,8% Retail 4,2% Travel & Leisure 4,0% Other 12,4% Industrials 107 Utilities 108 Automotive 71 Health Care 50 Telco 59 Personal Goods 65 Food & Bev 36 Retail 31 Travel & Leisure 33 Other 95 Activity of non-European issuers remains strong US firms still out in front EUR corporate bonds: Issuance volume by region, 9M 2024 EUR corporate bonds: Issuance volume by country of origin, 9M 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 63% European periphery 15% Others 22% (2023: 19 %) US 16% GE 16% FR 16% GB 11% IT 6% ES 4% CH 4% NL 4% BE 4% JP 3% Others 16% Subordinated bonds with greater market share Sub-IG issuers account for one in five issues EUR corporate bonds: Issuance volume by ranking, 9M 2024 EUR corporate bonds: Issuance volume by credit quality group\* Sources: Bloomberg, Helaba Research & Advisory \*as of 28 June 2024. Sources: Bloomberg, Helaba Research & Advisory Senior 94% Subordinated 6% (H1 2024: 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 Q3 2024 © Helaba | Research & Advisory | 14. October 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 Germany 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 current 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/ 40 % of volume in “BBB” categories Long-term bonds constitute over half of market EUR corporate bonds: Issuance volume by rating category, 9M 2024 EUR corporate bonds: Issuance volume by maturity, 9M 2024 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 19% BBB 14% A- 13% A 13% BBB- 8% B 7% A+ 6% BB+ 4% NR 4% AA- 3% BB- 2% Others 7% Perpet. 4% > 15 yrs. 7% > 10 - 15 yrs. 20% > 7 - 10 yrs 25% > 5 - 7 yrs 28% > 3 - 5 yrs 10% <= 3 yrs. 6% (2023: 10%) Average bond volumes slightly higher than 2023 Floaters significantly more popular EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, 9M 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 9M 2024 Fixed 85% Floaters (others) 9% Floaters (hydrids) 6% (2023: 7 %)

Strong market momentum continues in Q3. Subordinated bonds gain market share. Market size expected to reach around EUR 450 billion in 2024.