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 April 2022 (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 | ARD FINANCE | 5% PIK 30/06/27 | XS2079032483 | 100% |
| 2 | CSE D'AMORT DETTE | 1.5% BDS 25/05/32 | FR001400A3H2 | 40% |
| 3 | KREDITANST FUR WIE | 1.125% GTD SNR 31/03/37 | DE000A3MP7K3 | 37% |
| 4 | KREDITANST FUR WIE | 1.375% SNR 07/06/32 | XS2475954900 | 33% |
| 5 | KREDITANST FUR WIE | 0% GTD SNR 10/01/31 | DE000A3H2ZF6 | 21% |
| 6 | KREDITANST FUR WIE | 0.375% SNR 23/04/30 | DE000A11QTF7 | 17% |
| 7 | KREDITANST FUR WIE | 0% GTD SNR 30/04/27 | DE000A3MP7H9 | 17% |
| 8 | KREDITANST FUR WIE | 0% SNR 15/09/31 | XS2388457264 | 16% |
| 9 | DEUTSCHE BK AG LDN | 0.2%-0% BDS 15/01/26 | DE000DL8Y3Q9 | 13% |
| 10 | KREDITANST FUR WIE | 0.125% GTD SNR 09/01/32 | DE000A3E5XN1 | 11% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | DRIVER UK MAST 2 | FRN 05/25 | XS1434683998 | 100% |
| 2 | KREDITANST FUR WIE | 0.875% SNR 18/07/24 | XS2100726244 | 16% |
| 3 | BNG BANK N.V. | 1.625% SNR 26/08/25 | XS1811047080 | 10% |
| 4 | FMS WERTMANAGEMENT | 0.625% GTD SNR 15/12/23 | XS2399566962 | 6% |
| 5 | Bank of Nova Scotia | FRN SNR SEC CVD BDS 14/03/25 | XS2386592054 | 5% |
| 6 | NEMEAN BONDCO PLC | 7.375% GTD 01/02/24 | XS1554448271 | 5% |
| 7 | CMF 2020-1 PLC | FRN M/BKD 01/57 | XS2096745216 | 4% |
| 8 | Bank of Nova Scotia | FRN SNR SEC CVD BDS 26/01/26 | XS2435611590 | 4% |
| 9 | MORTGAGE FDG 08-1 | FRN M/BKD 03/46 | XS0350039912 | 3% |
| 10 | DNB BANK ASA | 2.625%-FRN SNR 10/06/26 | XS2465774474 | 3% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | BERLIN LAND | 0.625% SNR 20/03/26 | DE000A168015 | 100% |
| 2 | HIGHLAND HLDGS SAR | 0% GTD SNR 12/11/23 | XS2406913884 | 28 |
| 3 | AT&T INC | 1.6% SNR 19/05/28 | XS2180007549 | 27% |
| 4 | HAMBURG FREIE HANS | 1.45% GTD SNR 05/11/38 | DE000A168502 | 26% |
| 5 | DELIVERY HERO SE | 0.25% CNV SNR 23/01/24 | DE000A254Y84 | 25% |
| 6 | ADLER GROUP S.A | 1.875% SNR 14/01/26 | XS2283224231 | 24% |
| 7 | AZORES(AUTONOMOUS) | 3% GTD 06/11/30 | PTSAOBOM0009 | 24% |
| 8 | KERING | 1.875% SNR 05/05/30 | FR001400A5M7 | 23% |
| 9 | GOBIERNO VASCO | 0.45% SNR 30/04/32 | ES0000106726 | 23% |
| 10 | THURINGEN LAND | 1.34% SNR 13/03/37 | DE000A2E4ZL4 | 22% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | ANHEUSER-BUSCH INB | 2.85% GTD SNR 25/05/37 | BE6295395956 | 100% |
| 2 | MUENCHENER RUECKVE | 6.625%-FRN LT2 26/05/42 | XS0764278288 | 98% |
| 3 | ENEL FIN INT NV | 2.875% GTD SNR 11/04/29 | XS2466363202 | 77% |
| 4 | LVMH MOET HENNESSY | 1% SNR EMTN 11/02/23 | FR0013482858 | 73% |
| 5 | TRANSPORT FOR LOND | 5% SNR MTN 31/03/35 | XS0207920942 | 71% |
| 6 | ANNINGTON FUNDING | 2.308% GTD SNR 06/10/32 | XS2393618389 | 71% |
| 7 | ONTARIO(PROV OF) | 0.25% SNR 15/12/26 | XS2283226798 | 58% |
| 8 | DIAGEO FINANCE PLC | 2.75% GTD SNR 08/06/38 | XS2466406530 | 57% |
| 9 | CIDRON AIDA FINCO | 6.25% GTD 01/04/28 | XS2325700164 | 55% |
| 10 | HEXAGON HOUSING AS | 3.625% SNR SEC 22/04/48 | XS2455788732 | 49% |
Source: ICE Data Services
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Historical data of the most actively traded corporate bonds on a monthly basis can be found below:
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
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, 2021. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.