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 DEUTSCHE BK AG LDN 0.2%-0% BDS 15/01/26 DE000DL8Y3Q9 100%
2 KREDITANST FUR WIE 0.125% GTD SNR 30/06/25 DE000A3MP7J5 51%
3 CSE D'AMORT DETTE 0.45% NTS 19/01/32 FR0014007RB1 33%
4 KREDITANST FUR WIE 0% SNR 15/09/31 XS2388457264 29%
5 KREDITANST FUR WIE 0.375% SNR 23/04/30 DE000A11QTF7 29%
6 NED WATERSCHAPSBK 0% SNR 16/02/37 XS2291793813 25%
7 KREDITANST FUR WIE 0.125% GTD SNR 09/01/32 DE000A3E5XN1 23%
8 KREDITANST FUR WIE 0% GTD SNR 10/01/31 DE000A3H2ZF6 23%
9 BNG BANK N.V. 1.5% SNR 29/03/38 XS1586228824 21%
10 NRW BANK 0.25% GTD 04/07/25 DE000NWB18E4 20%

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 14%
3 KREDITANST FUR WIE 1.125% GTD SNR 04/07/25 XS2430324405 21%
4 BNG BANK N.V. 2% NTS 12/04/24 XS2468318154 20%
5 NED WATERSCHAPSBK 2% SNR 16/12/24 XS2464810089 14%
6 KREDITANST FUR WIE 1.25% SNR 29/12/23 XS1850250710 8%
7 The Toronto-Dominion Bank 2.875% SNR COCO NTS 05/04/27 XS2464724165 6%
8 NATWEST GROUP PLC 3.619%-FRN SNR 29/03/29 XS2449910921 4%
9 BNG BANK N.V. 1.625% SNR 26/08/25 XS1811047080 4%
10 BARCLAYS PLC 3.125% SNR 17/01/24 XS1550975079 4%

Source: ICE Data Services

EUR Non-Financials

Rank Issuer Coupon and Maturity ISIN Relative volume
1 SELECTA GROUP BV 8% PIK 01/04/26 XS2249858940 100%
2 VESTAS WIND SYSTE 2% GTD SNR 15/06/34 XS2449929517 42%
3 VONOVIA SE 2.375% SNR 25/03/32 DE000A3MQS72 28%
4 AMER MED SYS EUR B 1.625% GTD SNR 08/03/31 XS2452434645 27%
5 DIAGEO CAPITAL BV 1.875% GTD SNR 08/06/34 XS2466401572 27%
6 L'OREAL 0.875% SNR 29/06/26 FR0014009EJ8 25%
7 STELLANTIS N.V 2.75% SNR EMTN 01/04/32 XS2464732770 24%
8 RHEINLAND-PFALZ 0.01% SNR 17/03/25 DE000RLP1361 23%
9 EDP FINANCE BV 1.875% SNR 21/09/29 XS2459544339 23%
10 BASF SE 1.5% SNR 17/03/31 XS2456247787 22%

Source: ICE Data Services

GBP Non-Financials

Rank Issuer Coupon and Maturity ISIN Relative volume
1 NORDRH-WESTFALEN 0.625% SNR 16/12/24 XS2394766278 100%
2 STONEGATE PUB CO 8.25% GTD 31/07/25 XS2210014788 42%
3 ENEL FIN INT NV 2.875% GTD SNR 11/04/29 XS2466363202 28%
4 ENEL FIN INT NV 1% GTD SNR 20/10/27 XS2244418609 27%
5 BAT INTL FINANCE 2.25% GTD SNR 09/09/52 XS1488409977 27%
6 TALK TALK TELECOM 3.875% GTD SNR 20/02/25 XS2121167345 25%
7 DIAGEO FINANCE PLC 2.75% GTD SNR 08/06/38 XS2466406530 24%
8 DIAGEO FINANCE PLC 2.375% GTD SNR 08/06/28 XS2466404329 23%
9 GSK CONS HE CA UK 3.375% GTD SNR 29/03/38 XS2462446696 23%
10 GLAXOSMITHKLINE CA 1.625% GTD SNR 12/05/35 XS2170609072 22%

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:

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




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