Global securities lending activity hits US$1.72 billion for May
03 June 2026 Global
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S&P Global Market Intelligence reports a 43 per cent year-on-year (YoY) increase in global securities lending activity, with revenues reaching US$1.72 billion in May.
Equity revenues retained the primary contributor, with May marking the second consecutive month that Asian equities revenues surpassed those of the Americas.
Average fees declined by 25 per cent YoY across Americas equities, while climbing 24 per cent YoY across Asian equities, highlighting heightened demand and tighter inventory conditions across the region
American Depositary Receipts (ADRs) and ETFs were mixed, with ETF revenues increasing sharply by 81 per cent to US$162 million, driven primarily by a 40 per cent rise in fees, even as utilisation declined slightly.
In contrast, ADR revenues fell 10 per cent to US$61 million despite a 19 per cent increase in balances, as fees declined significantly, indicating weaker pricing conditions and less pronounced specials activity.
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: 鈥淢ay鈥檚 data highlights a market driven by elevated positioning and liquidity demand, with strong demand in Asia, continued pressure in ETF availability, and increased utilisation in government bonds reflecting heightened macro and rates-driven trading across global markets.
鈥溚怨� lending revenues have remained strong throughout the month and with some large IPOs expected in the US in the coming weeks and months, revenues are expected to remain elevated.鈥�
Equity revenues retained the primary contributor, with May marking the second consecutive month that Asian equities revenues surpassed those of the Americas.
Average fees declined by 25 per cent YoY across Americas equities, while climbing 24 per cent YoY across Asian equities, highlighting heightened demand and tighter inventory conditions across the region
American Depositary Receipts (ADRs) and ETFs were mixed, with ETF revenues increasing sharply by 81 per cent to US$162 million, driven primarily by a 40 per cent rise in fees, even as utilisation declined slightly.
In contrast, ADR revenues fell 10 per cent to US$61 million despite a 19 per cent increase in balances, as fees declined significantly, indicating weaker pricing conditions and less pronounced specials activity.
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: 鈥淢ay鈥檚 data highlights a market driven by elevated positioning and liquidity demand, with strong demand in Asia, continued pressure in ETF availability, and increased utilisation in government bonds reflecting heightened macro and rates-driven trading across global markets.
鈥溚怨� lending revenues have remained strong throughout the month and with some large IPOs expected in the US in the coming weeks and months, revenues are expected to remain elevated.鈥�
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