Tight secondary spreads and a strong run of fund inflows have been conducive for primary, with new issuance successfully overcoming tariff-induced volatility.

Primary issuance across the Americas, EMEA and Asia Pacific (APAC) markets increased by 1% year on-year to USD 7.4tn-equivalent during the first nine months of 2025.

Fund flows have provided a supportive technical. High yield funds only suffered outflows in one out of the past 20 weeks, according to a BofA report from 26 September. Fund inflows have been supported by tighter secondary spreads, interest rate volatility subsiding, and constrained government bond yield rising.

Overall, the market continues to be characterised by strong investor demand and tightening spreads as secondary markets rallied in recent months.

To review further analysis from our report including:

• Annual global bond issuance
• Bond issuance by region, deal type, and sector
• IG vs HY bond issuance
• Global ESG Bond issuance