April Debt Issuance Volumes Rebounded

Global debt issuance volumes surged 66% y/y in April, driven by corporate IG and high yield issuance for AI and M&A. This rebound supports Goldman Sachs' Buy ratings and 7% revenue growth forecasts for S&P Global and Moody's.

Key Takeaways

• 1.Global debt issuance volumes grew 66% y/y in April, rebounding from a slight decline in March.
• 2.The rebound was driven by strong corporate investment grade and high yield issuance, particularly for AI infrastructure and M&A activity.
• 3.Goldman Sachs reiterates Buy ratings for S&P Global (SPGI) and Moody's (MCO), forecasting 7% ratings revenue growth in 2026.

Table of Contents

• Americas Business & Information Services
• Macro Drivers of Global Debt Issuance Volumes
• Valuation and Risks
• SPGI Earnings Model
• SPGI Segment Drivers
• MCO Earnings Model
• MCO Segment Drivers
• Disclosure Appendix

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