FMO preps dollar deal as Fed meets

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

Emerging Markets

New issue premiums get crushed in CEEMEA bond, sukuk issuance stampede

Record issuance volumes met insatiable investor appetite to lock in yields before rate cuts bite, resulting in tight pricing across bonds and sukuk, writes George Collard. An already healthy market shifted up a gear from September as order books swelled and issuance accelerated, especially of sukuk

George Collard, December 18, 2025

FIG

FIG primary issuance to go one better after phenomenal 2025 but widening looms

The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen

Atanas Dinov, 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