Corporate offerings closed just above $46 billion in September, largely in line with the same period last year. The corporate offering to date now stands at $546 billion. Net supply will remain low, but we revised our forecast slightly upward to $650 billion due to the slightly higher supply seen in the first six months of this year. But we still expect supply to remain sluggish in the coming months as a lot of pre-financing has been done and many issuers will be looking forward to possible rate cuts in 2024.
Corporate issuances were primarily driven by the utilities, industrial and chemicals, TMT and consumer sectors, with emissions ranging from $7 billion to $10 billion. However, emissions from Consumer and Industrial and Chemical were almost halved compared to September 2022. Despite this, all sectors are ahead of last year so far this year, with the exception of Goods Roots and TMT.