Land Berlin and SEK keep SSA market alive

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

High grade and crossover bonds

Flags of the European Union and the USA, symbolic photo for partnership, diplomacy, foreign policy Austria

Wider spreads and belly bid in sight as corporate bond market resets for 2026

A booming 2025 investment grade corporate bond market in Europe set a high bar as investors brace to pay higher premiums and shift to the belly of the curve in 2026. Meanwhile, capex, M&A and Reverse Yankees look set to keep the pipeline full, write Diana Bui and Frank Jackman

Diana Bui, December 18, 2025

Covered Bond Analysis

Frankfurt am Main, Hessen, Germany - August 07, 2017: Fireworks in Frankfurt am Main city during Mainfest in Frankfurt, Germany

Covered books bulge despite dwindling new issue concessions

The euro covered bond market shook off a volatile end to 2024 to rebound with a raft of exceptionally popular deals in 2025. Investors appeared eager to pile into euro covered bond books this year, propelling bid-to-cover ratios upwards and new issue premium downwards, writes Frank Jackman

Frank Jackman, December 18, 2025

Covered Bond Analysis

Small yacht carefully navigating the low bridge at Potter Heigham, on the Norfolk Broads, England UK

Busy covered issuers to navigate tight market in 2026

Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration

Frank Jackman, December 18, 2025

Land Berlin and SEK keep SSA market alive

German sub-sovereign issuer gears up for the first euro SSA deal since the ECB’s 50bp rate rise, with Swedish agency eyeing dollars ahead of Fed meet

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