US dollar credit supply: Supply continues at strong levels

April supply remains elevated despite normalising from March

• Corporate supply totalled US$90.5bn in April, down from March’s record US$178bn but still almost double the US$47bn issued in April last year. This brings YTD supply to US$469bn, significantly ahead of the US$334bn seen by this time in 2025. Net supply was also strong at US$49.7bn.
• TMT continued to dominate issuance, contributing US$53.9bn in April and accounting for around 60% of monthly corporate supply. This takes YTD TMT supply to US$204.7bn, a 233% increase with respect to 2025 supply. Utilities followed with US$8.8bn, while Consumer, Industrials and Others printed US$6.3bn, US$5.8bn and US$5.3bn respectively. Issuance was also skewed toward longer maturities, with the 9-12yr and 17yrs+ buckets making up the bulk of April supply.

Reverse Yankee supply still ticking

• There was a small slowdown in Corporate Reverse Yankee supply in April (€5bn) relative to the large supply in March (€24bn). On a YTD basis, Corporate Reverse Yankee supply has reached €45bn, running ahead of previous years, as US tech issuers bring significant size to the EUR market.

Financial USD supply picks up in April amid Iran cease-fires

• Financials’ USD denominated bond supply picked up significantly over April to reach $96.7bn, up over $30bn compared to March levels. This increase is mainly stemming from banks’ activity with over $80bn supplied of which nearly $70bn in senior unsecured instruments.
• Last month also saw continued issuer interest in the covered segment, with $4bn USD dominated covered bond supplied. This brings the 2026 YTD covered issuances to nearly $9bn, $2bn ahead of what they were last year. The increase remains incremental compared to senior unsecured instruments supply that is $55bn ahead of 2025 YTD at $250bn, while subordinated issuances reach $42.5bn.

As issuances were at $44bn in April, net supply remained well in the positive at $52.3bn last month. We expect this to continue this month as redemptions are dropping to just below $30bn in May.