---
title: "Focus on: EUR corporate bonds - Primary market Q3 2025"
url: https://www.helaba.com/en/focus-eur-corporate-bonds-primary-market-q3-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on: EUR corporate bonds - Primary market Q3 2025

Focus on: Credit 15 October 2025 © Helaba | Research & Advisory | 15 October 2025 1 of 5 Research & Advisory EUR corporate bonds: Primary market Q3 2025 Virtually unstoppable momentum The primary market for euro-denominated corporate bonds set a new record in the third quarter of 2025, fuelled by strong issuance activity in September, when total placements reached approximately € 65 billion—well above the levels seen in recent years. In total, around 200 individual bond issues amounting to € 115 billion were recorded over the quar- ter. The market benefited in particular from relatively stable funding conditions, as declining risk premiums largely offset a moderate rise in euro swap rates within the investment-grade segment. While several cyclical sectors profited from a more pronounced tightening of spreads, some defensive industries - such as telecommunications - came under slightly greater pressure. Our analysis indicates that the market’s favourable momentum is likely to continue in the months ahead. In the first eight trading days of the final quarter, new placements had already to- talled around € 9 billion, and we expect annual issuance in the euro corporate bond market to reach a new all-time high of between € 480 billion and € 500 billion. Small benchmarks dominate; bonds with ESG components mostly in green format In the third quarter, single bonds with volumes between € 500 million and € 1 billion once again accounted for nearly 70 % of total issuance, while transactions exceeding € 1.5 billion remained comparatively rare. The largest overall placements during the quarter were brought to market by NTT (€ 5.5 billion across four tranches in July), Capgemini (€ 4 billion in four tranches in September), Altice France (€ 3.7 billion across seven tranches in Septem- ber), and Schneider Electric (€ 2.75 billion across three tranches in August). The market share of bonds with an ESG component saw a modest recovery, rising by around two percentage points compared with the previous quar- ter to 18 %. Issuance in this segment consisted almost entirely of green bonds with earmarked use of proceeds; by contrast, sustainability-linked bonds accounted for less than 10% of total ESG issuance. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Record market volume in Q3 Euro corporate bonds\*: Issuance volume in EUR (billions) \*issues with a minimum volume of EUR 50 million. Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 100 200 300 400 500 0 100 200 300 400 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Focus on: EUR corporate bonds - Primary market Q3 2025 © Helaba | Research & Advisory | 15 October 2025 2 of 6 Industrials once again lead by volume and number of issues; non-European issuers maintain strong presence At € 21 billion, or 19 % of total issuance, telecommunications companies accounted for the largest share of mar- ket volume in the third quarter, ahead of industrials with € 18 billion (16 %). Since the start of the year, however, industrials have maintained their top spot with 133 placements totalling just under € 64 billion, while utilities re- main in second place with 107 issues generating proceeds of € 58 billion. The third quarter also saw continued strong activity on the market by corporates based outside of Europe, whose market share held steady at 27 %, unchanged from the first half of the year. However, activity by US issuers, in particular, has recently eased some- what with French companies edging them into second place over the first nine months of 2025. During this period, French companies raised approximately € 78 billion—representing 19 % of total market volume—compared with € 72 billion, or 18 %, from US issuers. Subordinated and sub-IG bonds steady as floaters capture larger slice of market Subordinated bonds accounted for 6 % of total market volume in the first three quarters of the year, in line with the first half. Sub-investment-grade notes similarly maintained their share at around one fifth of total issuance. The market share of bonds in BBB rating categories also held steady, representing just under 40 % of the market. The 5- to 7-year maturity segment remained very popular in the third quarter, with nearly 30 % of placement vol- ume issued within this range between January and September (H1: 29 %). Additionally, the share of floating-rate issuance continued to grow, reaching 10 % of total market volume in the first nine months of 2025. Focus on: EUR corporate bonds - Primary market Q3 2025 © Helaba | Research & Advisory | 15 October 2025 3 of 6 Chartbook: Euro-denominated corporate bond issuance Record-breaking volume in September Recent sideways trend in funding costs EUR corporate bonds: Issuance volume in EUR (billions)\* EUR corporate bonds BBB: Euro swap rate und iBoxx ASW in %\* Sources: Bloomberg, bondradar, Helaba Research & Advisory Sources: LSEG, Helaba Research & Advisory 0 10 20 30 40 50 60 70 80 0 10 20 30 40 50 60 70 80 90 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2022 2023 2024 2025 0 1 2 3 4 5 Euro Swap Rate 5Y iBoxx Non-Fin BBB 3-5Y Refinancing costs BBB 5Y Modest rebound in ESG bond issuance Corporate ESG bond placements in EUR (billions)\* \*includes sustainable, social and sustainability-linked bonds from Q1 2021. Sources: Bloomberg, Helaba Research & Advisory 11% 16% 25% 25% 41% 38% 16% 28% 24% 16% 16% 18% 0% 6% 12% 18% 24% 30% 36% 42% 0 5 10 15 20 25 30 35 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond issues Pressure currently building on telco spreads Large benchmarks see uptick in popularity Development of asset swap spread relative to iBoxx € non-financials EUR corporate bonds: Placements by issue size in EUR (millions)\* Sources: Blo LSEG, Helaba Research & Advisory Sources: Bloomberg, bondradar, Helaba Research & Advisory 0,8 0,9 1,0 1,1 1,2 60 70 80 90 100 110 120 08.24 10.24 12.24 02.25 04.25 06.25 08.25 iBoxx € non-fin telco Spread ratio telco / non-fin (right axis) 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 < 250 500 to < 1000 1000 to < 1500 >= 1500 250 to < 500 Focus on: EUR corporate bonds - Primary market Q3 2025 © Helaba | Research & Advisory | 15 October 2025 4 of 6 Industrials and utilities with largest volume … … and highest number of individual bonds EUR corporate bonds: Issuance volume by sector, 9M 2025 EUR corporate bonds: Number of issues by sector, 9M 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 16% Utilities 14% Telco 12% Automotive 11% Health Care 9% Food & Bev 7% Personal goods 6% Travel & Leisure 4% Chemicals 4% Others 17% Industrials 133 Utilities 107 Telco 62 Automotive 74 Health Care 54 Food & Bev 45 Personal goods 53 Travel & Leisure 33 Chemicals 30 Others 115 Significant market share of non-Europeans French corporates place largest volume EUR corporate bonds: Issuance volume by region, 9M 2025 EUR corporate bonds: Issuance volume by country of origin, 9M 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 61% European periphery 12% Others 27% (2024: 20 %) FR 19% US 18% GE 14% GB 8% IT 5% JP 4% NL 4% LU 4% CH 3% DK 3% Others 18% Subordinated bonds with typical share of market Sub-IG issuers expand market share EUR corporate bonds: Issuance volume by ranking, 9M 2025 EUR corporate bonds: Issuance volume by credit quality group Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Senior 94% Subordinated 6% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 IG HY Crossover NR Focus on: EUR corporate bonds - Primary market Q3 2025 © Helaba | Research & Advisory | 15 October 2025 5 of 6 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud Rosa Traud Chief Economist/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany T +49 69 / 91 32 - 2024 Internet: www.helaba.com Disclaimer This publication was very carefully researched and prepared. However, it contains analyses and fore- casts regarding current and future market condi- tions that are for informational purposes only. The data are based on sources that we consider reliable, though we cannot assume any responsibility for the sources being accurate, complete, and up to date. All statements in this publication are for informa- tional purposes. They must not be taken as an offer or recommendation for investment decisions. Sign up for our newsletter here: https://news.helaba.de/research/ "BBB" classes fall below 40 % of issuance volume Nearly one in three bonds with maturity of 5 - 7yrs EUR corporate bonds: Issuance volume by rating category, 9M 2025 EUR corporate bonds: Issuance volume by maturity, 9M 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 18% A- 13% BBB 13% A 10% BBB- 8% NR 7% BB+ 5% AA- 4% A+ 4% B+ 4% BB 4% Others 10% Perpet. 5% > 15 yrs. 5% > 10 - 15 yrs. 14% > 7 - 10 yrs. 25% > 5 - 7 yrs. 30% > 3 - 5 yrs. 15% <= 3 yrs. 6% Average bond size approaching 2024 level Floaters highly sought after EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, 9M 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 200 400 600 800 1000 2024 9M 2025 Fixed 84% Floaters (others) 10% Floaters (hybrids) 6% (H1 2025: 9 %)

Sustained strong market momentum leads to peak volumes in Q3. Medium-term segment up to 7 years very popular. New issuance record expected for 2025 as a whole.