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 March 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 | 3.125% GTD 07/06/30 | DE000A30V9J0 | 100% |
| 2 | KREDITANST FUR WIE | 2.5% GTD SNR 19/11/25 | DE000A30VUG3 | 89% |
| 3 | CSE D'AMORT DETTE | 3% NTS 25/05/28 | FR001400F5U5 | 61% |
| 4 | CREDIT SUISSE AG | 7.75%-FRN SNR 01/03/29 | CH1214797172 | 40% |
| 5 | KREDITANST FUR WIE | 1.375% GTD SNR 07/06/32 | XS2475954900 | 31% |
| 6 | KREDITANST FUR WIE | 2.75% GTD 15/03/28 | DE000A30VUK5 | 30% |
| 7 | KREDITANST FUR WIE | 2.75% GTD 14/02/33 | XS2586942448 | 30% |
| 8 | KREDITANST FUR WIE | 0.125% GTD SNR 09/01/32 | DE000A3E5XN1 | 29% |
| 9 | CSE D'AMORT DETTE | 2.875% EMTN 25/05/27 | FR001400DZI3 | 29% |
| 10 | KREDITANST FUR WIE | 0% GTD SNR 31/03/27 | DE000A254PP9 | 28% |
Source: ICE Data Services
GBP Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | KREDITANST FUR WIE | 3.75% GTD SNR 30/07/27 | XS2584128263 | 100% |
| 2 | KREDITANST FUR WIE | 4.125% GTD SNR 18/02/26 | XS2573690489 | 89% |
| 3 | CREDIT SUISSE GP | 7.375%-FRN SNR 07/09/33 | CH1211713198 | 34% |
| 4 | DEUTSCHE BANK AG | 6.125%-FRN SNR 12/12/30 | XS2592017300 | 32% |
| 5 | SANTANDER UK PLC | FRN GTD SNR 02/24 | XS1949730557 | 26% |
| 6 | BARCLAYS PLC | 6.369%-FRN SNR 31/01/31 | XS2570940226 | 23% |
| 7 | BARCLAYS PLC | 8.407%-FRN SUB 14/11/32 | XS2552367687 | 22% |
| 8 | BNP PARIBAS | 1.875% SNR NPF 14/12/27 | FR0013476330 | 22% |
| 9 | NATL AUSTRALIA BK | FRN GTD SNR 02/25 | XS2113151059 | 21% |
| 10 | Export Development Canada | FRN UNSUB 17/01/25 | XS2102395022 | 21% |
Source: ICE Data Services
EUR Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | NIEDERSACHSEN | 2.75% SNR 17/02/31 | DE000A30V8Q7 | 100% |
| 2 | NORDRH-WESTFALEN | 1.65% SNR 22/02/38 | DE000NRW0KZ2 | 92% |
| 3 | REGION WALLONNE | 3.25% SNR EMTN 22/06/33 | BE0002922038 | 83% |
| 4 | LORCA TELECOM BOND | 4% GTD SNR SEC 18/09/27 | XS2240463674 | 78% |
| 5 | VOLKSWAGEN LEASING | 0.375% GTD SNR 20/07/26 | XS2343822842 | 70% |
| 6 | HEINEKEN NV | 3.875% SNR 23/09/30 | XS2599730822 | 69% |
| 7 | TEVA PHARM FINANCE | 4.375% 09/05/30 | XS2406607171 | 66% |
| 8 | HANNOVER RUECK SE | 5.875%-FRN LT2 26/08/43 | XS2549815913 | 64% |
| 9 | VIVION INVESTMENTS | 3% SNR 08/08/24 | XS2031925840 | 63% |
| 10 | SANOFI | 0.625% SNR 05/04/24 | FR0013143997 | 62% |
Source: ICE Data Services
GBP Non-Financials
| Rank | Issuer | Coupon and Maturity | ISIN | Relative volume |
| 1 | STONEGATE PUB CO | 8.25% GTD 31/07/25 | XS2210014788 | 100% |
| 2 | FISERV INC | 2.25% SNR 01/07/25 | XS1843433712 | 98% |
| 3 | MARSTON'S ISSUER | 5.1774%-FRN 15/07/32 | XS0226792280 | 93% |
| 4 | ROLLS ROYCE | 5.75% GTD SNR 15/10/27 | XS2244321787 | 93% |
| 5 | PHOENIX GP HDGS PL | 6.625% GTD SUB 18/12/25 | XS1171593293 | 92% |
| 6 | VODAFONE GROUP | 3% SNR EMTN 12/08/56 | XS1472483772 | 89% |
| 7 | CENTRICA | 4.375% SNR 13/03/29 | XS0753789980 | 88% |
| 8 | AMGEN INC | 4% SNR 13/09/29 | XS0829324457 | 85% |
| 9 | IMPERIAL BRANDS FI | 8.125% GTD SNR 15/03/24 | XS0387847576 | 85% |
| 10 | DEUCE FINCO PLC | 5.5% GTD 15/06/27 | XS2351480996 | 83% |
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:
February 2023
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
See our archive for data (from January 2018).
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© 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.
