Global new bond issuance through September 2019 totaled $5.26 trillion, up 10.8% relative to the first three quarters of 2018, said S&P Global Ratings Research in a new report.

S&P said every sector has seen an increase this year, led by the international public finance sector where the total through September ($655.4 billion) is 61.9% higher than at the same point of 2018.

Global nonfinancial issuance (including infrastructure) is up nearly 14%, reaching $1.85 trillion.

Global financial services issuance is now up 3% for the year — bolstered largely by Chinese banks — reaching $1.67 trillion.

This year’s overall bond issuance is expected to increase over the 2018 total by 12.7%, and issuance in 2020 is projected to increase by 4.2%.

“Downside risks to our outlook currently outweigh upside ones,” said Nick Kraemer, head of S&P Global Ratings Performance Analytics.

“Opportunities for negative market reactions abound amid the ongoing U.S.-China trade dispute, affecting the global economy against the backdrop of a general election in the U.S.”