U.S. high-yield issuance drops by more than 75%

There were 36 high-yield bond issues that raised $19.4 billion in the third quarter, compared with 195 deals and $114.4 billion of proceeds in the year-earlier period. Year to date, there have been 171 issues and $96.5 billion of proceeds vs. 712 and $430.2 billion during the first nine months of 2022.

The consumer discretionary sector led the way with 56 issues and $28.3 billion of proceeds during the first nine months of 2022. Industrials (seven issues and $2.8 billion of proceeds), utilities (five issues and $2.7 billion), and consumer staples (four issues and $2.1 billion of proceeds) were the three sectors with the smallest issuance.