SPGI · 10-Q · 2026Q2 · Full report
Billed Issuance Volumes
S&P Global Inc. · 2026-07-28 · Importance 59 · Surprise 48 · In source text
Total billed issuance increased 25% in the second quarter and 19% for the six months ended June 30, 2026, reaching $1.268 trillion and $2.498 trillion, respectively. Six-month investment-grade billed issuance increased 33%, while high-yield issuance increased 10%; other issuance increased 8%. Second-quarter investment-grade issuance was driven by AI-related issuance and M&A transactions, high-yield issuance was supported by M&A transactions, and bank loans and structured finance recovered from a low comparison base affected by prior-year market volatility.
Key facts
- Three months total billed issuance was $1,268 billion for the three months ended June 30, 2026 versus $1,017 billion for the three months ended June 30, 2025, an increase of 25%; six months total billed issuance was $2,498 billion for the six months ended June 30, 2026 versus $2,100 billion for the six months ended June 30, 2025, an increase of 19%.
- Ratings transaction revenue increased 25% for the three months and 20% for the six months ended June 30, 2026 versus 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | Three months total billed issuance was $1,268 billion for the three months ended June 30, 2026 versus $1,017 billion for the three months… |