It goes back to one of your first questions when we sat down, you know, the media likes to report on IPO's, and yet, there's been a tremendous amount of secondary issuance and debt issuance, so the markets are clearly open, much more than you would believe if you just looked at IPO statistics, relative to any other year.
The central bank put the total at the end of last year at about 200% of GDP, but its figures, confusingly, include a small amount of share issuance.
What this really does is prevents some Hail Mary pass solution of trying to corral those older bonds into a reorganisation with some amount of new issuance.
Also, the amount of Treasury issuance is far greater today than it was 15 years ago.
While Europe's corporate and financial sectors have benefited from the near record amount of bond issuances so far this year, analysts worry that investors may be setting themselves up for trouble.
"Much of the year has been unusual in that the amount of short-term issuance has been quite high," Mr. Snook said.
A large amount of new debt issuance by agencies, an auction of new two-year notes and preparations for an upcoming announcement of future supply in intermediate Treasuries also hurt bonds as investors made room for the new supply.
Data compiled by MarketAxess show that even though low interest rates have fuelled a dramatic increase in the amount of corporate-debt issuance, inventories held by major banks have contracted by almost 80% since a peak in 2007 (see chart).This is still a time of experimentation.
The total amount of net new issuance of JGBs in FY99 is likely to amount to over 30 trillion, compared with more than 26 trillion in the fiscal year ending March 1999 (FY98).
After a pause in December 2018 with no new issuance, 2019 began with a torrid new amount of junk-rated debt issuance.
