US Dollar Credit Supply: Corporate supply was very strong in November

USD IG corporates issued US$105bn, up from US$99bn in October, making November the third strongest month of 2025. Year-to-date corporate supply reached US$913bn, substantially ahead of 2024 YTD (US$807bn) and still trailing the pandemic peak in 2020.

Within sectors, TMT dominated again. November printed TMT US$52bn, with Healthcare US$16bn and Utilities US$10bn also active; Real Estate and Oil & Gas were US$6bn each, while Autos and Consumer were quiet at US$1bn a piece. On a YTD basis, TMT is up 99% YoY, Consumer +25%, Real Estate +10%; Healthcare (-21%), Industrial (-13%), and Oil & Gas (-19%) lag.

The tenor mix broadened in November. Ultra-long 17yrs+ issuance eased to US$30bn from US$48bn in October, while 9-12yrs rose to US$28.3bn; together they made up US$58bn, just over half of monthly corporates. Shorter tenors remained a minority (0-3yrs c.US$12bn; 3-6yrs c.US$23bn; 6-9yrs c.US$11bn). The longer-dated bias is also visible YTD: 9-12yrs (US$266.9bn) and 17yrs+ (US$210.3bn) amount to US$477bn, a little over half of 2025 YTD corporates.