SIFMA FACT BOOK FACT 2018 Capital Markets Fact Book 2019 120 Broadway, 35th Floor New York, NY 10271-0080 TEL 212.313.1200 FAX 212.313.1301 www.sifma.org Capital Markets Fact Sheet In 2018, the securities industry raised $2.4 TRILLION of capital for businesses through debt and equity issuance activity in the United States, a 10.8% decrease from the post-crisis high in 2017. Sources: Bloomberg, Dealogic, Refi nitiv EQUITY MARKETS BOND MARKETS $221.2 BILLION of equity was issued $2.2 TRILLION corporate debt, in the U.S., including 2018 2018 asset-backed securities common and preferred Global Equity Market Global Bond Market and non-agency shares Capitalization Outstanding mortgage-backed securities was issued $74.7 $49.9 BILLION $102.8 in the U.S. TRILLION initial public o ering TRILLION (IPO) volume, excluding Sources: BIS, Refi nitiv, closed-end funds Bloomberg Sources: World Federation of Exchanges, Dealogic U.S. CAPITAL MARKETS INVESTOR PARTICIPATION U.S. merger and acquisition announced $42.2 TRILLION deals totaled in 2018, a $1.7 trillion The value of U.S. households’ 23.7% increase from 2017, while the liquid assets decreased by 1.6%. value of completed M&A deals rose by 16.7% to $1.9 trillion. Source: Federal Reserve Board Source: Dealogic RETIREMENT SAVINGS INDUSTRY $34.6 TRILLION 6.4% 970K The total value of U.S. retirement The U.S. household savings rate The securities industry employs assets decreased 1.4% year-over- is projected to be 6.4%, middle- 970,100 individuals, a year but is the second highest on of-the-pack for major nations 2.7% increase year-over-year. record. Source: OECD Economic Outlook Source: U.S. Department of Labor Source: Federal Reserve Flow of Funds Accounts ABOUT The Capital Markets Fact Sheet highlights data from the 2019 SIFMA Capital Markets Fact Book, which is an annual reference containing comprehensive data on the capital markets, investor participation, savings and investment, and securities industry. The Fact Book amasses data from dozens of sources into a single, easily accessible reference tool to analyze key industry statistics. Get all the facts at www.sifma.org/fact-book Table of Contents Table of Contents ........................................................................................................................................................... i Highlights ...................................................................................................................................................................... 4 U.S. Capital Markets ..................................................................................................................................................... 5 Corporate Capital Raised in the U.S. and U.S. Initial Public Offerings - Charts ........................................................... 6 U.S. Corporate Issuance – Value ................................................................................................................................. 7 U.S. Corporate Issuance – Number of Issues .............................................................................................................. 8 U.S. Private Placements – Value .................................................................................................................................. 9 U.S. Private Placements – Number of Issues ............................................................................................................. 10 U.S. Long-Term Municipal Bond Issuance – Value .................................................................................................... 11 U.S. Long-Term Municipal Bond Issuance – Number of Issues ................................................................................. 12 U.S. Long-Term Municipal Issuance – Number of Issuers ......................................................................................... 13 Bank Qualified U.S. Municipal Bond Issuance ........................................................................................................... 14 U.S. Equity and Debt Outstanding .............................................................................................................................. 15 U.S. Stock Market Capitalization ................................................................................................................................ 16 U.S. Stock Market Indices – Value & Annual Percentage Change ............................................................................ 17 U.S. Interest Rates and Bond Yields .......................................................................................................................... 18 U.S. Mergers and Acquisitions – Announced and Completed .................................................................................... 19 U.S. Bond Market Average Daily Trading Volume...................................................................................................... 20 Municipal Bond Average Daily Trading – Dollar Volume ............................................................................................ 21 Municipal Bond Average Daily Trading Volume – Number of Trades ........................................................................ 22 U.S. Equity Markets Average Daily Trading Volume – Chart ..................................................................................... 23 NYSE- & NASDAQ-Listed Stocks Trading Activity ..................................................................................................... 24 Futures Contracts Traded on U.S. Exchanges ........................................................................................................... 25 Options Contracts Traded on U.S. Exchanges ........................................................................................................... 26 U.S. Mutual Fund Assets ............................................................................................................................................ 27 U.S. Mutual Fund Net New Cash Flow ....................................................................................................................... 28 Exchange-Traded Funds (ETFs) - Chart .................................................................................................................... 29 Global Capital Markets ................................................................................................................................................ 30 Global Long-Term Bond Issuance .............................................................................................................................. 31 Global Equity Issuance ............................................................................................................................................... 32 International Security Offerings By All Issuers – Value .............................................................................................. 33 International Security Offerings by All Issuers – Number of Issues ............................................................................ 34 International Security Offerings By U.S. Issuers – Value ........................................................................................... 35 International Security Offerings by U.S. Issuers – Number of Issues......................................................................... 36 Global Bond Market Outstanding - Value ................................................................................................................... 37 i Global Bond Market Outstanding – Share of Total ..................................................................................................... 38 Global Bond Market Outstanding and Global Equity Market Capitalization - Charts ................................................. 39 Global Equity Markets Capitalization - Value .............................................................................................................. 40 Global Equity Markets Capitalization – Share of Total ............................................................................................... 41 Global Derivatives Market ........................................................................................................................................... 42 Global Investment Banking Fees - Charts .................................................................................................................. 43 Global Investment Banking Net Revenues ................................................................................................................. 44 Global Mergers and Acquisitions – Announced and Completed ................................................................................ 45 U.S. Holdings of Foreign Securities ............................................................................................................................ 46 U.S. Gross Activity in Foreign Securities .................................................................................................................... 47 U.S. Net Purchases of Foreign Securities .................................................................................................................. 48 U.S. Gross Transactions in Foreign Equities by Region and Country ........................................................................ 49 U.S. Net Purchases of Foreign Equities by Region and Country ..............................................................................