Euro

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

The public sector bond market digested more than $900bn of benchmark syndications in the first 10 months of 2025, close to the amount raised the previous year. New issue premiums varied by currency, with the biggest annual change in the euro market, writes Sarah Ainsworth

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

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

Three new banks join facility, one drops out

Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats

German issuer expected to seize 2026's first window for fourth year in a row

Aroundtown and Toyota tap private markets as public supply winds down

Year ahead "well poised" for deal-driven activity

Implementation could push covered spreads closer to govvies and SSAs

CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026

Corporate hybrid issuance up over 70% in 2025 as borrowers refi