How large is new corporate bond issuance relative to the size of an economy? This article uses World Bank indicator GFDD.DM.13 to compare the volume of newly issued corporate bonds by private nonfinancial entities with GDP. The measure is an issuance-flow ratio. It is not the stock of corporate bonds outstanding, and it is not a measure of total corporate debt.
The collected dataset contains 110 latest non-null country and economy observations. They are not all from the same year. Seventy-six rows are dated 2021, nine are from 2020 and six are from 2019, while the remaining observations are older. The full reference-year range is 2002–2021. The world map is therefore best used as a latest-available-value view, while precise cross-country ranking should use the synchronized 2021 subset of 76 observations.
Table of Contents
What the indicator measures
World Bank metadata defines the numerator as the total volume of newly issued corporate bonds by private entities in industries other than finance, holding companies and insurance. The denominator is GDP in current U.S. dollars from World Development Indicators. The bond data are sourced from the Debt Capital Market Database, Dealogic and the World Bank Global Syndicated Loans and Bonds Database (FinDebt).
A value of 5% means that the measured new nonfinancial corporate bond issuance in that reference year was about 5% of GDP. It does not mean that corporate debt outstanding equals 5% of GDP. Existing bonds, bank loans and other liabilities are separate. The indicator captures a specific financing flow through new bond issuance during the year.
Latest available values span 2002–2021
Of the 110 latest observations, 76 are dated 2021, which is 69.1% of the dataset. Another nine are from 2020 and six from 2019. There are also two 2018 observations, three 2017 observations, five 2014 observations and a small number of still older latest values. One row each comes from 2002, 2007 and 2009. Those old but valid observations should not be described as current 2021 conditions.
The timing difference matters because issuance can be volatile from year to year. Interest rates, refinancing needs, investment programs, acquisitions and individual large transactions can all change the amount of new bonds issued. A one-percentage-point gap between countries observed in different years should not be treated as a precise present-day ranking. The map is a broad screening view; the 2021 subset is the better basis for same-year comparison.
The latest-value median is 1.48%, while the mean is pulled up by one extreme observation
Across all 110 latest observations, the simple unweighted median is 1.48% and the mean is 3.27%. The first quartile is 0.67% and the third quartile 2.99%. The mean is much more sensitive to the Marshall Islands observation of 126.27% in 2014. Removing that one row lowers the simple mean of the remaining 109 observations to about 2.14%.
The Marshall Islands figure does not mean that the outstanding corporate bond stock was 126% of GDP. It means that newly issued bonds captured by this indicator in 2014 were measured at 126.27% of that year’s GDP. Because the observation is also seven years older than the dominant 2021 group, it is excluded from the synchronized 2021 ranking. The map caps the visual legend at a 10%+ category to keep one outlier from compressing the rest of the distribution.
Among the 76 synchronized 2021 observations, the median is 1.72%
Using only 2021 rows, the unweighted median is 1.72% and the mean is 2.33%. Eleven observations are below 0.5%, 12 are from 0.5% to below 1%, 20 are from 1% to below 2%, and 14 are from 2% to below 3%. Nine fall in the 3–5% range, another nine in the 5–10% range, and one—Bermuda—is above 10%. The center of the synchronized distribution is therefore concentrated around the low single digits.
Bermuda is highest in the 2021 subset at 11.50%, followed by Macao SAR at 8.57%, Qatar at 7.48%, Sweden at 7.40% and Thailand at 6.34%. Switzerland, Mauritius, Luxembourg, Hong Kong SAR and the United States also exceed 5%. This is a ranking only among the 76 economies with a 2021 observation in this dataset, not a claim about every country in the world.
| 2021 country or economy | New corporate bond issuance / GDP |
|---|---|
| Bermuda | 11.50% |
| Macao SAR, China | 8.57% |
| Qatar | 7.48% |
| Sweden | 7.40% |
| Thailand | 6.34% |
| Switzerland | 5.72% |
| Mauritius | 5.56% |
| Luxembourg | 5.47% |
| Hong Kong SAR, China | 5.17% |
| United States | 5.05% |
How Korea and several major economies compare in 2021
Korea reports 1.94% in 2021. In the same year the United States is 5.05%, Canada 4.17%, China 3.89%, the United Kingdom 3.64%, France 3.43%, Germany 2.62%, Japan 2.62%, Brazil 2.35%, Australia 2.34%, Mexico 1.37% and India 0.58%. Because the denominator is each economy’s own GDP, these percentages normalize for economic size. They do not show which country issued the largest dollar amount of corporate bonds.
| Country | Reference year | New corporate bond issuance / GDP |
|---|---|---|
| United States | 2021 | 5.05% |
| China | 2021 | 3.89% |
| United Kingdom | 2021 | 3.64% |
| France | 2021 | 3.43% |
| Germany | 2021 | 2.62% |
| Japan | 2021 | 2.62% |
| Canada | 2021 | 4.17% |
| Australia | 2021 | 2.34% |
| Korea, Rep. | 2021 | 1.94% |
| India | 2021 | 0.58% |
| Brazil | 2021 | 2.35% |
| Mexico | 2021 | 1.37% |
Two economies can have the same ratio while their absolute issuance volumes differ by tens or hundreds of billions of dollars. A small economy can also record a very high ratio if a few large deals are big relative to its GDP. The metric is therefore useful for comparing issuance intensity relative to economic scale, but it does not provide deal counts, average deal size, coupon rates, credit ratings, currency composition or maturity structure.
A high issuance ratio is not automatically a sign of financial strength
Active corporate bond issuance can indicate that firms have access to market-based financing beyond bank loans, but the ratio alone cannot establish that a financial system is deep, healthy or low-risk. Issuance may rise because rates are favorable, because a few firms refinance maturing debt, or because a large investment or acquisition is financed in the bond market. A low ratio can reflect a greater reliance on bank credit, retained earnings or equity rather than an inability to obtain funding.
New issuance is also a gross flow rather than a net increase in debt. A company can repay maturing bonds and issue new bonds in the same year. Gross issuance may be substantial while the stock of outstanding bonds changes much less. Assessing financial structure requires additional measures such as bonds outstanding, bank credit, equity-market capitalization, leverage, interest rates and maturity profiles.
Gray areas and point markers on the map
The visual joins the 110 statistical rows to a simplified world boundary layer. Ninety-five observations can be filled directly as country polygons. Small economies and territories such as Bermuda, Hong Kong, Macao, Singapore and the Marshall Islands may not have a separate low-resolution polygon, so valid observations are added as location points where a reliable country-location reference is available. Gray does not mean zero. It means that no value from this dataset is linked to that polygon or that the simplified geometry does not represent it separately.
Data source and calculation method
The statistical source is the World Bank Global Financial Development series GFDD.DM.13 – Corporate bond issuance volume to GDP (%). The World Bank metadata glossary defines the numerator as new corporate bond issuance by private entities outside finance, holding companies and insurance, divided by GDP in current U.S. dollars.
This comparison retains the most recent non-null observation available for each of the 110 included country or economy rows. Missing values are not converted to zero and older values are not silently replaced with another country’s observation. Statistics labeled 2021 are recalculated only from the 76 rows whose reference year is exactly 2021. Keeping the latest-value map separate from the common-year table prevents old observations from being presented as a current ranking.
How to use the map without overreading it
Start with the map to identify economies above 5% or sharp differences between nearby places. Then check the reference year. A 2021 observation can be compared with the synchronized 2021 median of 1.72%. An older latest observation is better treated as a data-availability flag than as a precise statement about today’s market.
The next step is to examine the financing context behind the ratio. Interest rates, bonds outstanding, bank lending, investment, credit ratings, issuance currency, maturity and refinancing volumes can help distinguish a structural capital-market pattern from one unusually active year. Used this way, the map is a starting point for deeper corporate-finance research rather than a one-number score of market quality or corporate risk.
Frequently Asked Questions
Does this ratio measure the stock of corporate bonds outstanding?
No. It measures newly issued corporate bonds by private entities outside finance, holding companies and insurance during the reference year, divided by GDP. Outstanding bonds and total corporate debt are different measures.
Why do the latest observations come from different years?
The dataset keeps the most recent non-null value available for each economy. Of 110 rows, 76 are dated 2021 and 34 are from 2002–2020. The synchronized ranking therefore uses only the 76 observations from 2021.
Does the Marshall Islands value above 126% mean corporate debt exceeds GDP?
No. The 2014 observation means new corporate bond issuance captured by this indicator was 126.27% of that year’s GDP. It is not the outstanding stock of corporate debt.
Does a high corporate bond issuance ratio mean a stronger financial system?
Not automatically. It can indicate active market-based financing, but rates, refinancing, large transactions and the wider financing structure also matter. Other indicators are needed to assess market depth or corporate risk.
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