Muted December issuance closes a record year
USD IG corporate supply totalled US$23bn in December, marking the lowest monthly volume of 2025 and a sharp slowdown from November’s US$108bn. This subdued activity reflects the typical year-end lull. For the full year supply reached US$926bn, up 14% YoY and the highest since 2020, driven by strong prints in March and September. This compares with US$812bn in 2024.
Expect record-breaking Reverse Yankee supply in 2026
Corporate Reverse Yankee supply added just US$1.2bn in December, bringing the 2025 total to US$91.6bn. Given the large US tech issuance in EUR, we are likely to see a hefty year of Reverse Yankee supply. We forecast a record-breaking €120bn for 2026.
Banks supply ends 2025 close to previous year’s level
Just over $2bn was issued in banks senior USD denominated bonds in December. Considering the $11bn redemption in the segment, this leaves net supply in negative territory for the final month of 2025. That being said, it brings the full year gross supply to $311bn, just $10bn above what we recorded in 2024.
