US FIG market grows as Europe shrinks, covered bonds hit record highs

While dollar denominated FIG volumes rose 15% in the first half of 2011, the euro market’s share slid by 8%, according to Dealogic’s global DCM half-year review. Covered bond issuance reached record levels, while in subordinated debt, the insurance sector accounted for a record 24% of issuance. Meanwhile, in structured finance, deal size grew but overall volumes shrank.