Companies worldwide issued a record $8.2 trillion in bonds during 2025, taking advantage of favorable market conditions to refinance debt and fund expansion plans. Investment-grade issuance led the surge, with tech and healthcare sectors being the most active.
Apple led the charge with a $15 billion multi-tranche offering, its largest since 2021. The company secured rates significantly below its 2024 issuances, reflecting improved market conditions and its sterling credit rating.
"We are seeing a perfect storm of factors favoring issuers," said fixed income strategist Lisa Park at Goldman Sachs. "Strong investor demand, relatively tight spreads, and expectations of future rate cuts are all contributing."
High-yield bond issuance also recovered strongly after a subdued 2024. Private equity sponsors tapped the market to finance buyouts that had been delayed during the higher rate environment.
ESG-labeled bonds represented 15% of total issuance, up from 12% in 2024. Green bonds and sustainability-linked instruments are becoming mainstream financing tools for companies across all sectors.
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