SPGI · 10-Q · 2026Q1 · Full report
Billed Issuance Volumes
S&P Global Inc. · 2026-04-28 · Importance 58 · Surprise 56
Ratings’ billed issuance volumes rose in Q1 2026 versus Q1 2025, with total billed issuance increasing 14% (from $1,083 to $1,230 in the table expressed in billions) and investment-grade billed issuance up ~41%. Management attributes the investment-grade growth to AI-related issuance and M&A transactions; high-yield was up modestly (driven by M&A) while bank loan issuance declined due to AI-disruption concerns affecting software and tech-adjacent leveraged loans. The company monitors billed issuance to better correlate transaction revenue with issuance activity and reports the billed issuance trends as a key driver of Ratings transaction revenue.
Key facts
- Investment-grade billed issuance increased 41% year-over-year for the three months ended March 31, 2026.
- Total billed issuance for Ratings was $1,230 billion for the three months ended March 31, 2026 compared to $1,083 billion for the three months ended March 31, 2025, an increase of 14%.
- High-yield billed issuance increased 4% year-over-year for the three months ended March 31, 2026.
- Other billed issuance (including Bank Loans, Structured Finance and Government) decreased 7% year-over-year for the three months ended March 31, 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | Investment-grade billed issuance increased 41% year-over-year for the three months ended March 31, 2026. |
| revenue | positive | realized | — | Total billed issuance for Ratings was $1,230 billion for the three months ended March 31, 2026 compared to $1,083 billion for the three… |