Global SSA Special Report 2025 (June 2025)

To secure their countries in uncertain times, governments around the globe are set to increase defence budgets to a size that has been rarely achieved in a generation. Strained public finances suddenly present an immediate barrier to the security of the public and key players in the capital markets are rushing to act, writes Elias Wilson

As volatility continues to plague the US Treasury market, public sector issuers have found themselves at the centre of attention of investors seeking high quality, liquid assets as an alternative investment to US Treasuries. Market participants eagerly await further evidence in the coming months of any meaningful shift in investors’ behaviour. The early signs are certainly encouraging, writes Addison Gong

US Treasuries have long been the foundational asset underpinning the global financial system. But recent policy proposals from the White House have shaken this foundation, and what this means for capital markets participants seems perilously uncertain, writes Elias Wilson

The year is not yet at its halfway point but, already in 2025, global bond markets have had to face anxiety about European and US governments wanting to spend more, including on defence, and fears about the aggressive trade policy of the new US administration. During these testing times, however, new issue data demonstrate the resilience and flexibility of the primary market, writes Addison Gong

Created 10 years ago by and for French local governments, AFL’s mission is to facilitate the latter’s access to funding. 2024 was a record year for the bank, which topped 1,000 members for the first time and granted loans worth €2bn during the year. Today, AFL ranks among the leading lending institutions for the French local public sector. Yves Millardet, chairman of AFL’s management board, looks back at these 10 years of growth and discusses the prospects for future development