Loan issuance in the Americas, EMEA and Asia-Pacific (APAC) regions reached USD 6.48tn in 2025, the highest on record, according to Dealogic data. This year’s issuance is 7.45% higher than last year’s record.

The high figures came mainly from the Americas, which reached its highest volume ever at USD 4.01tn, comprising 63% of global issuance. The figure is 10% higher year-on-year. However, EMEA also demonstrated impressive performance, issuing USD 1.77tn, the highest since 2007 and the second highest on record.

The record issuance was built up throughout the year, despite volatility from international trade tariffs, which added considerable uncertainty, especially to the leveraged finance market. The three regions had a relatively unusual depressed second quarter followed by a strong rebound in the third. In the fourth quarter, the market managed to return to some stability after the 3Q25 rush, closing the year at a slightly slower pace.