This year has been a phenomenal one for the FIG primary bond market. Issuers have ridden on the year-long spread tightening to print senior and subordinated debt at historically low spreads while investors have booked handsome performance.
Banks took advantage of the favourable market conditions to refinance their capital earlier and at a lower funding cost. How long this can continue, with the European Central Bank perceived to have finished its interest rate cutting cycle, is unknown.
Demand for credit has outstripped the supply and bonds from major bank issuers as well as lower tier, less frequent borrowers have thrived. But with stretched valuations and uncertain geopolitics, predictions for next year’s market conditions appear cloudy.
GlobalCapital is now surveying the market to gather opinions on where it is headed in 2026.
Your responses will be treated in complete confidentiality and the aggregated results will be published in our Review 2025|Outlook 2026 special report in mid-December.
The survey will only take a couple of minutes to complete. We would very much welcome and encourage your feedback.
Please click here for the survey.
Or alternatively, copy and paste this link into your browser:
https://survey.alchemer.eu/s3/90934165/FIG-End-of-Year-Review-2025
Many thanks from the GlobalCapital FIG team