image/svg+xml - 6.3 18.0 21.8 7.3 - 19.9 5.2 7.0 -25 -20 -15 -10 -5 0 5 10 15 20 25 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2018 2019 2020 2021 2022 2023 2024* (%) (Bil. $) International public finance U.S. public finance Structured finance§ Financial services Nonfinancials Annual growth rate (right scale) Historical global issuance and forecast *Full - year forecast. § Structured finance excludees transactions that were fully retained by the originator, domestically - rated Chinese issuance, and CLO resets and refinancings. Sources: Green Street Advisors, Refinitiv and S&P Global Ratings Credit Research & Insights. Copyright © 2024 by Standard & Poor's Financial Services LLC. All rights reserved.