Market Volume: Observed trades in EUR and GBP investment grade corporate bonds
ICE Data Services incorporates a combination of publicly available data sets from trade repositories as well as proprietary and non-public sources of market colour and transactional data across global markets, along with evaluated pricing information and reference data to support statistical calibrations.
The market volume evolution represents the changes in the monthly aggregate volumes of all observed trades in securities in the relevant group, based to 100 as at September 2015. EUR Financials include approximately 4000 securities, GBP Financials 1500, EUR Non-Financials 3000, and GBP Non-Financials 1000.
ICMA intends to publish and monitor the market volume of IG Financials and Non-Financials on a monthly basis upon necessary permission of ICE Data Services.
Source: ICE Data Services
Top-traded corporate bonds in May 2023 (by volume)
ICE Data Services sources publicly available data sets from trade repositories and procures information from non-public sources of market colour and transactional data across global markets. Additionally, market colour, bid lists, dealer runs, and other transactional data is received from their global network of clients on the buyside and sell-side.
While the rankings are based on traded volumes, the right-hand column (of below tables) indicates the relative volume of each bond expressed as a percentage of the most actively traded bond’s volume (100%).
EUR Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | KREDITANST FUR WIE | 2.5% GTD SNR 19/11/25 | DE000A30VUG3 | 100% |
| 2 | KREDITANST FUR WIE | 2.875% GTD 07/06/33 | DE000A30V9M4 | 47% |
| 3 | KREDITANST FUR WIE | 0.125% GTD SNR 30/06/25 | DE000A3MP7J5 | 46% |
| 4 | KREDITANST FUR WIE | 1.25% GTD SNR 30/06/27 | DE000A3MQVV5 | 40% |
| 5 | KREDITANST FUR WIE | 2.75% GTD 15/03/28 | DE000A30VUK5 | 36% |
| 6 | KREDITANST FUR WIE | 3.125% GTD 07/06/30 | DE000A30V9J0 | 30% |
| 7 | KREDITANST FUR WIE | 0.25% GTD SNR 30/06/25 | XS1612940558 | 27% |
| 8 | KREDITANST FUR WIE | 2.75% GTD 15/05/30 | XS2626288760 | 25% |
| 9 | CSE D'AMORT DETTE | 2.875% EMTN 25/05/27 | FR001400DZI3 | 13% |
| 10 | KREDITANST FUR WIE | 0.05% GTD SNR 30/05/24 | XS1414146669 | 12% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | KREDITANST FUR WIE | 1.125% GTD SNR 04/07/25 | XS2430324405 | 100% |
| 2 | KREDITANST FUR WIE | 3.75% GTD SNR 30/07/27 | XS2584128263 | 84% |
| 3 | KREDITANST FUR WIE | 4.125% GTD SNR 18/02/26 | XS2573690489 | 69% |
| 4 | BNG BANK N.V. | 1.625% SNR 26/08/25 | XS1811047080 | 36% |
| 5 | KREDITANST FUR WIE | 1.375% GTD SNR 09/12/24 | XS1941813617 | 33% |
| 6 | QUILTER PLC | 8.625%-FRN LT2 18/04/33 | XS2568634054 | 29% |
| 7 | CPPIB Capital Inc | 4.375% SNR NTS 02/03/26 | XS2592761527 | 28% |
| 8 | KREDITANST FUR WIE | 0.875% GTD SNR 18/07/24 | XS2100726244 | 25% |
| 9 | WESTPAC BKG CORP | FR GTD 01/28 | XS2573686883 | 23% |
| 10 | FORD MOTOR CR LLC | 4.535% SNR 06/03/25 | XS1959498244 | 22% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | PORSCHE AUTO HL SE | 4.5% SNR 27/09/28 | XS2615940215 | 100% |
| 2 | AT&T INC | 4.3% SNR 18/11/34 | XS2590758822 | 74% |
| 3 | BOOKING HLDGS INC | 4.125% SNR 12/05/33 | XS2621007660 | 71% |
| 4 | E.ON SE | 3.875% SNR 12/01/35 | XS2574873183 | 67% |
| 5 | NORDRH-WESTFALEN | 0.25% SNR 13/03/26 | DE000NRW0LN6 | 62% |
| 6 | JOHNSON CTLS INTL/ | 4.25% SNR 23/05/35 | XS2626007939 | 58% |
| 7 | EDF | 4.25% SNR EMTN 25/01/32 | FR001400FDB0 | 58% |
| 8 | UNEDIC | 0.625% GTD SNR 17/02/25 | FR0012537124 | 54% |
| 9 | STELLANTIS N.V | 4.375% SNR 14/03/30 | XS2597110027 | 51% |
| 10 | PROCTER & GAMBLE | 3.25% SNR 02/08/26 | XS2617256065 | 49% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | APPLE INC | 3.05% SNR 31/07/2029 | XS1269175466 | 100% |
| 2 | SEVERN TRENT FIN | 6.25% GTD SNR 07/06/29 | XS0097777253 | 86% |
| 3 | SODEXO | 1.75% SNR 26/06/28 | XS2017471983 | 82% |
| 4 | SIEMENS FINANCIER | 1% GTD SNR 20/02/25 | XS2118273866 | 73% |
| 5 | TVL FINANCE PLC | 10.25% GTD 28/04/28 | XS2615792194 | 71% |
| 6 | AVIVA | 6.875%-FRN LT2 20/05/58 | XS0364880186 | 71% |
| 7 | ZURICH FINANCE | FRN GTD SUB 23/11/52 | XS2523960719 | 71% |
| 8 | GATWICK AIRPORT FI | 4.375% SNR 07/04/26 | XS2329602135 | 63% |
| 9 | ORSTED A/S | 4.875% SNR 12/01/32 | XS0730243150 | 63% |
| 10 | AT&T INC | 7% SNR 30/04/40 | XS0426513387 | 62% |
Source: ICE Data Services
Download
Historical data of the most actively traded corporate bonds on a monthly basis can be found below:
April 2023
March 2023
February 2023
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
See our archive for data (from January 2018).
This document is provided for information purposes only and should not be relied upon as legal, financial, or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.
© International Capital Market Association (ICMA), Zurich, 2023. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.
