Commercial banks maintained a steady share of the high-yield bond market in the third quarter, even amid a major decline in new issuance.

Companies issued $20.5 billion worth of junk bonds in the quarter ended Sept. 30, according to Securities Data Co. That was down from an average of about $50 billion in each of the first two quarters. Securities subsidiaries of commercial banking companies were lead managers for 21.8% of the high-yield debt in the third quarter-in line with their market share recently.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.