Loan issuance in the Americas, EMEA and Asia-Pacific (APAC) regions reached USD 1.37tn in 1Q26, according to Debtwire data. This volume was 22% down compared to the previous quarter and 12% below 1Q25.

The fall comes against a very tough comparison, as 2025 had the highest volume on record. However, the result interrupts a five-quarter streak of the loan market recording over USD 1.5tn, making it the lowest global issuance since 3Q24.

The market has been dealing with geopolitical uncertainty, which has been accentuated since the start of the war in Iran, and with fears over the rise in oil prices that have had a global impact. There has also been volatility around technology companies since AI fears triggered a selloff.

The Americas, the biggest regional market, couldn’t keep pace with the impressive volume seen in 4Q25 and fell 15% to USD 923bn, although this remains very close to 1Q25 (USD 928bn). Still, this is the lowest volume for any quarter since 3Q24.

EMEA recorded the biggest setback. The region printed USD 340bn in 1Q26, representing a 34% decline quarter-on-quarter and 23% year-on-year. The volume is also lower than in any other quarter since 4Q23. Compared to first quarters over the previous five years, the volume is 4.3% below the average and higher only than the amount printed in 1Q23.

Figures for APAC have reached USD 103.7bn at the time of writing and are likely to increase after publication due to late submissions. The current figure is well below 1Q25 volumes (USD 181.6bn), but the USD 149bn recorded in 4Q25 is still achievable.