截至2025年5月19日的美洲商业与信息服务部门每周债务发行、资产管理规模、交易所交易衍生品交易量和基金设立情况

Global debt issuance volumes decreased 24% y/y for the week of 5/12/25, with an 11% y/y decline YTD. For the week of 5/12/25, global corporate investment grade issuance increased 19% y/y, high yield issuance grew 136% and leveraged loan issuance declined 92%, while global financial institutions issuance rose 29% and structured finance issuance fell 74%. Period average S&P index-linked ETF AUM expanded 20% y/y for the week of 5/12/25, with SPGI ESG ETF AUM up 27%, while MSCI index-linked ETF AUM increased 15%, with MSCI ESG ETF AUM up 7%. S&P-linked exchange traded derivative volumes across the CBOE and CME exchanges grew 24% y/y for the week of 5/12/25, while MSCI-linked exchange traded derivative volumes across the Eurex, ICE and CBOE exchanges rose 30%. On a T3M basis, global fund formation contracted 22% y/y for the week of 5/12/25, with global ESG fund formation down 59%. Exhibit 1: Weekly Global Capital Markets Update Through 5/19/25 Date Volumes ($mn)Y/YAUM ($mn) Y/Y AUM ($mn) Y/Y Contracts (000s)Y/Y Contracts (000s)Y/Y Quarterly 2Q '2401,539,21740%3,458,97927%1,511,62616%679,10810%19,215(2%)3Q '2411,364,46944%3,644,62430%1,582,16818%748,41117%19,6854%4Q '2401,208,08454%3,977,55732%1,682,69221%668,347(5%)19,9753%1Q '2511,724,435(0%)4,285,17443%1,726,34027%768,83315%24,03430%MonthlyDec '240290,776100%4,421,31337%1,724,65420%226,9547%11,7254%Jan '251676,5094%4,448,36933%1,736,07718%239,4946%3,608(5%)Feb '250522,0821%4,509,34431%1,786,92719%213,918(1%)3,574(4%)Mar '251525,844(8%)4,389,88422%1,782,59114%315,42037%16,85253%Apr '250271,026(36%)4,260,85219%1,773,47314%313,85517%5,83069%Weekly4/14/2025161,869(44%)4,074,60216%1,683,75111%49,072(30%)93912%4/21/2025055,589(38%)4,134,50818%1,728,86114%60,3386%85014%4/28/20250108,43311%4,268,98320%1,793,75116%57,1588%9685%5/5/20251105,485(31%)4,317,55420%1,824,18616%51,57723%94429%5/12/20251125,986(24%)4,390,04520%1,841,07215%57,47924%98230%MSCI ETDSPGI ETDSPGI AUMMSCI AUMGlobal Debt Issuance AUM figures represent period averages Source: Dealogic, Bloomberg, CME, CBOE, Eurex, ICE, OCC, Goldman Sachs Global Investment ResearchGeorge K. Tong, CFA +1(415)249-7421 | george.tong@gs.com Goldman Sachs & Co. LLC Anna Wu +1(415)249-7235 | anna.wu@gs.com Goldman Sachs & Co. LLC Sami Nasir, CFA +1(415)834-7967 | sami.nasir@gs.com Goldman Sachs & Co. LLC Alex Lakritz +1(415)249-7072 | alex.lakritz@gs.com Goldman Sachs & Co. LLCAmericas Business & Information Services Weekly debt issuance, AUM, exchange traded derivative volumes and fund formation as of 5/19/2518 May 2025 | 10:38PM PDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com