Explosive market turns against SSA dollar issuers

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

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

Corporate Bonds

Bond Deals of the Year: Investment grade corporates — Corporate issuers go hyperscale

Investment grade companies demonstrated just how much liquidity was sloshing around in the euro, dollar, sterling and Swiss franc markets with a string of large deals. But these bonds did not just stand out for the amount issued. Rather, they showed that there is not always a trade-off to be made between size and price

GlobalCapital, December 18, 2025

FIG

ABN AMRO sign at branch. ABN AMRO is the third-largest bank in the Netherlands.

Bond Deals of the Year: Financial institutions — FIG issuers find new ways into old markets

With a relentless flow of cash into credit markets this year, almost every borrower could be said to have done well. But some issuers stood out for their ability to establish new footholds in certain markets that have since paved the way for peers

Atanas Dinov, December 18, 2025

Explosive market turns against SSA dollar issuers

Borrowers turn to defensive tactics after market deteriorates overnight

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