GlobalCapital's Review 2025 | Outlook 2026 takes the pulse of the capital markets as they head into a year buoyed by rampant appetite for credit that has been more than a match for rising borrowing needs.
From supranational, sovereign and agency to financial institution and covered bonds, to investment grade corporate debt, to syndicated loans, securitization, emerging markets and equities, we surveyed market participants to understand their views on how 2025 will shape the year to come.
Learn how borrowers, investors and banks are positioning to raise capital, having navigated US tariff chaos this year, but in the face of further geopolitical tension in 2026. The markets are gearing up to finance rising defence spending and the vast investment needs of the tech and AI revolution.
Find the full report here online, or in PDF here.
We also present our choices for the Deals of the Year across SSAs, FIG, corporate and CEEMEA bonds.
And, of course, we take a close look at what will undoubtedly be big and developing themes for bond issuers in the year ahead:
Bond digitalisation: rising tide
Technologists have convinced the European Central Bank and most financial firms that the bond market needs blockchain. Exactly what for is harder to define. Still more difficult is actually introducing it — although as Jon Hay reports, many believe the moment has come
Data centres: EU markets' acid test
EU politicians talk enthusiastically about making the bloc more competitive, but so far, its capital markets have struggled to match the efficiency of the US. Whether it can meet the booming demand for data centres will be a defining test of its ambitions, write George Smith, Chadwick Van Estrop and Thomas Hopkins
Aussie rules
The Australian dollar bond market’s growth has propelled it to be the third most important funding currency for some international bond issuers. Its ability to offer investor diversification and arbitrage funding is attracting an increasing number of issuers, from spread-conscious SSAs to banks and companies seeking strategic capital, write Sarah Ainsworth and Atanas Dinov
AI's tentacles feel out capital markets
Artificial intelligence is everywhere — but what is it doing? Capital market specialists think about it constantly, even if only because they are told to, with feelings ranging from delight to horror. Market participants are exploring myriad ways both to use AI, writes Jon Hay, and neutralise its risks
Heads of DCM survey
The most senior debt capital markets bankers across the Street appear to be an optimistic bunch heading into 2026. In GlobalCapital’s survey of the heads of DCM, Ralph Sinclair discovers upbeat expectations for volumes, pay and hiring and asks how tech is reforming the business
