Global securities lending activity hits US$1,153m for April
05 May 2026 Global
Image: Emily/stock.adobe.com S&P Global Market Intelligence reports a 42 per cent year-on-year (YoY) increase in global securities lending activity, with revenues reaching US$1,531 million in April.
Equity revenues continued to impress as Asian and EMEA YoY revenue growth continued to surpass that seen across Americas equities.
Average fees declined by 18 per cent YoY across Americas equities to 44 basis points, while climbing 20 per cent YoY across Asian equities to 134bps, the highest level seen since November 2025.
Balances continued to grow across all regions as markets closed the month at all-time highs, pushed higher by further AI enthusiasm and strong quarterly earnings.
American Depositary Receipts (ADRs) and ETFs continued to reap the benefits of high valuations and volatile equity markets posting revenues of US$43 million and US$152 million respectively.
In the fixed income markets, revenues maintained their strength throughout the month, with government bonds generating US$239.4 million and corporate bonds producing US$95 million.
During the month, average fees remained steady month on month across both asset classes as balances also remained steady.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: 鈥淎pril鈥檚 lending activity reflected a market environment marked by elevated valuations, ongoing volatility, and a steady drumbeat of macro and geopolitical uncertainty.
鈥淓quity markets continued to benefit from strong earnings momentum and AI鈥憆elated optimism, but borrowing patterns suggest investors remained cautious, using equities, ADRs and ETFs to manage risk rather than express outright conviction.
鈥淚n fixed income, consistent lending demand pointed to continued unease around rates and inflation dynamics.
鈥淎s markets move into May, with geopolitical risks unresolved and volatility still present beneath the surface, securities lending looks set to remain an important tool for managing exposure and uncertainty to the benefit of all lenders.鈥�
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