Issues

Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon

Only pandemic year hosted more issuance

Wide-ranging Market Integration Package would change a dozen financial regulations

Market participants weigh in on issuance, deal structure, demand

Debt financing to become more sophisticated as the race to build data centres across Europe heats up

French bank pre-funds with AT1 capital outing as US FIG annual supply tops $757m

Dollar deals set to rebound as big volumes expected with five year deals to remain the most favoured tenor

Broad political support for EU giving Esma more powers means NCAs must adapt

Clearstream and the VDP are working together to get system working by end of 2026

France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates

◆ Big year for Reverse Yankee bank issuance now tops €30bn ◆ Goldman back for first time since January ◆ Deal nearly 2.5 times subscribed

Big data energy needs set to help drive utility issuance higher next year