Sovereign, supranational and agency (SSA) issuers raised more than $910bn-equivalent through syndicated benchmarks across euros, dollars and sterling in the year to November 4, according to data from GlobalCapital’s Primary Market Monitor.
That volume represents a 3% year-on-year decline, though the number of syndicated tranches sold increased by 1%.
Though the number of bonds issued was similar to 2024, SSA borrowers commanded more pricing power than the previous year, when measured on several metrics.
Across all currencies, issuers tightened the spread on their benchmarks during bookbuilding on average by 2.59bp this year, up from 1.97bp during the same period last year.
In line with this, deals were better covered in 2025, with order books an average of five times deal size versus 4.2 times in 2024.
Most SSA benchmark volume in 2025 was sold in the euro market, with nearly €582bn priced — an 11% increase year-on-year.
The average size and tenor of tranches in the euro market this year was similar to 2024, at around €2bn and 9.9 years, respectively.
Average NIPs paid in 2025 compared to 2024
Source: GlobalCapital’s Primary Market Monitor
Spreads were tightened during execution by an average of 2.49bp, higher than the 1.99bp last year. The bid-to-cover ratio increased to 6.1 times from five times a year ago, and the average new issue premium paid more than halved to 0.86bp from 1.71bp — the largest move in premium across dollars, euros and sterling: the three currencies featured in the data.
The average spread to mid-swaps for euro SSA new issues fell to 24bp from 24.7bp in 2024. Meanwhile, the average spread to Bunds narrowed to 36.2bp from 47.2bp.
The amount that SSAs issued in the dollar market fell. They raised 6% less through dollar benchmarks compared to the same period in 2024.
The average deal size declined to $1.9bn from $2bn year on year, while the average maturity fell back to 4.9 years from 5.1 years.
This year’s dollar SSA benchmarks were covered at 3.3 times deal size on average, exactly the same as last year.
Yet issuers were able to tighten by 3.52bp during bookbuilding this year, up from 2.53bp in the same period in 2024. SSA issuers also paid lower new issue premiums (NIPs) on average — 0.82bp this year compared to 1.15bp last year.
The average spread to swaps was also steadier compared to those in euros, rising from 45.9bp a year ago to 47bp. However, spreads to US Treasuries compressed to an average of 19bp from 23.8bp.
Public sector issuers borrowed almost £90bn in the sterling market in 2025, 23% more than the £73bn raised in 2024. The average size of a deal this year increased to around £1.4bn from £1.1bn.
The average tenor in the sterling market this year declined to 5.8 years from 6.7 years previously.
Spreads were tightened during execution by an average of 0.83bp, more than twice the 0.39bp last year. The bid-to-cover ratio increased to 3.1 times from 2.7 times a year ago.
The average spread to mid-swaps for sterling SSA new issues widened to 40.5bp from 31.2bp in 2025. Meanwhile, the average spread to Gilts edged wider to 30.4bp from 29bp.
Unlike in euro and dollar markets, the average new issue premium paid in sterling edged slightly higher, to 0.68bp from 0.47bp from the previous year.
