Figures just released by Dealogic show that DCM volume in the first quarter of this year was 9% lower than in the same period last year.
Global DCM volume fell by 9% in 2005 to $1.5 trillion from $1.6 trillion in 1Q 2004, with the US market leading the decline. The number of deals declined by 27% to 6,132 from 8,352 in 1Q 2004.
IG issuance, one of the biggest drivers in DCM volume, dropped in 1Q 2005 after two successive 1Q increases, totaling $421.0 billion, a 1% decrease compared to 1Q 2004.
Global DCM revenue fell by 3% to $4.8 billion in 1Q 2005 compared to the same period last year. EMEA DCM accounted for over 44% of global DCM revenue, the highest level since 1996.
Global Government debt revenue climbed 63% reaching $400 million in 1Q 2005. EMEA government DCM revenue dominated, accounting for 87% of the global total in 1Q 2005.
US DCM volume declined 20% to $718.3 billion in 1Q 2005, the lowest 1Q volume since 1Q 2001, with a sharp drop in US Agency volume contributing to the decrease, falling 48% to $177.9 billion. US ABS volume increased 20% and accounted for 26% of US DCM volume, the highest 1Q volume share on record.