EIB readies 10 year euros following KfW’s record breaking success

Supras and agencies

Canada, Ontario, Toronto, Financial District skyline, Roy Thomson Hall,

Ontario government bids for Toronto to host new Defence, Security and Resilience Bank

Bank’s president Kevin Reed had lobbied Canadian politicians to be home for new supranational

Sarah Ainsworth, December 18, 2025

GlobalCapital's Review 2025 | Outlook 2026

We are proud to publish our special report, which looks ahead to 2026 across all asset classes and recognises the best new bonds of 2025

GlobalCapital, December 18, 2025

SSA MTNs and CP

Street scene, Mini bus station and Neon lights of Mong Kok, Kowloon, Hong Kong, China

Asia rises on MTN agenda while public market pressure predicted to grow in 2026

Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui

Diana Bui, December 18, 2025

SSA

The EU: bloc’s SAFE asset adds defence to jumbo programme

One of the key numbers for the SSA bond market is the EU’s borrowing need, published twice a year. The borrower has become one of the largest in the market, issuing €160bn of bonds in 2025, with a similar amount expected in 2026. It anticipates €700bn of funding needs between 2025 and 2030 in support of the various programmes it funds, including for NextGenerationEU. Now it has a new one: a €150bn instrument, which will disburse money to member states for defence in 2026. Siegfried Ruhl (pictured), hors classe adviser to the European Commission’s Directorate-General for Budget and Balazs Ujvari, Commission spokesperson for budget and administration spoke to GlobalCapital’s Ralph Sinclair about the issuer’s path ahead in the bond market.

Ralph Sinclair, December 18, 2025

SSA

SSAs flex pricing power in benchmark markets with lower new issue premiums

The public sector bond market digested more than $900bn of benchmark syndications in the first 10 months of 2025, close to the amount raised the previous year. New issue premiums varied by currency, with the biggest annual change in the euro market, writes Sarah Ainsworth

Sarah Ainsworth, December 18, 2025

SSA

SSA issuers tipped to frontload once more as funding needs ramp up

US tariffs, greater sovereign borrowing needs and political upheaval proved no barrier to SSA issuers raising a large amount of funding in 2025, and getting it done early, writes Addison Gong. But those challenges were just a taster for what lies in store for 2026 when the market is likely to become even more crowded

Addison Gong, December 18, 2025

EIB readies 10 year euros following KfW’s record breaking success

The European Investment Bank announced its first euro benchmark of the year on Wednesday, looking to take advantage of a super strong backdrop and avoid an expected heavy pipeline of supply next week.

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