Muted December caps a record-breaking year
Expect a record year for EUR corporate supply. We adjust our supply forecast upward given the large supply seen in November which adjusted the baseline for 2025 as we landed above expectations at €455bn, and we stand by the 10% expected increase in 2026.
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.
Muted December supply across financials’ segments
With only one sub-benchmark size covered bond issuance in December, we end the year just above €160bn. It’s a slight increase compared to the €156bn issued in 2024. We expect to see banks covered bond issuance to further increase this year to reach €170bn.
