---
title: "Focus on: EUR corporate bonds - Primary market Q2 2025"
url: https://www.helaba.com/en/focus-eur-corporate-bonds-primary-market-q2-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on: EUR corporate bonds - Primary market Q2 2025

Focus on: Credit 10 July 2025 © Helaba | Research & Advisory | 10 July 2025 1 of 5 Research & Advisory EUR corporate bonds: Primary market Q2 2025 May and June: A frenzy of issuance activity With issuance activity having practically ground to a halt in the first three weeks of April fol- lowing a significant rise in market volatility, the last two months have seen many companies take advantage of improving sentiment to realise placement plans, some of which had been postponed, on a vast scale. As a result, the primary market for euro-denominated corporate bonds hit record volumes in excess of EUR 70 bn in both May and June. As a consequence, total issuance for the first six months of the year has already reached around EUR 293 bn in 504 individual bond placements. This frenzy of activity even spilled over into the first days of July, which saw new bond issuance of EUR 17 bn up to now. We currently believe the chances that the market will sustain its rapid growth in the months ahead are high – a view underpinned, among other things, by a recent further decline in risk premia as well as a continued normalisation of the euro swap rate curve. Small benchmarks dominate activity while ESG-related issues languish at a low level Individual bonds in the EUR 500 to EUR 1 bn bracket remained the most popular format with a market share of just under 70%. In contrast, issues with a face value of over EUR 1.5 bn were a rare sight. The largest overall deals were placed by Alphabet (EUR 6.75 bn in 5 tranches), Novo Nordisk (EUR 6 bn in 4 tranches), Robert Bosch (EUR 4 bn in 5 tranches) and Siemens (EUR 4 bn in 5 tranches). The was no change in the market share of bonds with an ESG component, which held steady at a low 16%; of these, the only instruments of greater significance on the market were green use-of-proceeds bonds. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 H1 issuance volume only marginally below previous record 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 Q2 2025 © Helaba | Research & Advisory | 10 July 2025 2 of 5 Industrials place highest volumes and most bonds – strong showing by non-European issuers The second quarter was once again dominated by industrial companies, which retained their pole position in terms of both the number and volume of issues. Since January, this segment has accounted for 16% of total place- ment volume (in 96 individual bonds), followed by utilities (14% in 75 transactions) and the automotive sector (12 % in 53 transactions). From April to June, there was a further rise in the market share of non-European corpo- rate issuers. This group meanwhile accounts for almost 27% of total issuance in the first half of the year. The ma- jority of this is attributable to companies from the United States, which placed bonds with a total volume of EUR 61 bn, representing 21% of total issuance. French and German corporates accounted for 19% and 15% of market activity, respectively. Sub-IG bonds with high market share – floaters capture rising slice of issuance With 6% of total issuance volume in the first six months of the year, the proportion of subordinated bonds reached a similar level to that of 2024 as a whole. In contrast, a considerably larger number of sub-investment grade notes were issued in the second quarter. While this segment of the market only made up 15% of issuance in Q1, it accounted for as many as one in five placements in the first half of 2025. "BBB" rating categories comprised less than 40% of the market from January to June. In general, however, there was a significant diversification in terms of credit quality. The market share of short-dated maturities of 3 to 5 years rose to 14%, compared to 11% in the previous year. Demand for floating-rate notes remained high: Their proportion increased to 9% of total is- suance in H1 2025. Focus on: EUR corporate bonds: Primary market Q2 2025 © Helaba | Research & Advisory | 10 July 2025 3 of 5 Chartbook: Euro-denominated corporate bond issuance May and June see marked rise in volumes Popularity of larger benchmarks ticks up EUR corporate bonds: Issuance volume in EUR (billions)\* EUR corporate bonds: Placements by issue size in EUR (millions)\* Sources: Bloomberg, bondradar, Helaba Research & Advisory Sources: Bloomberg, bondradar, Helaba Research & Advisory 0 10 20 30 40 50 60 70 80 0 10 20 30 40 50 60 70 80 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2022 2023 2024 2025 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 Share of bonds with sustainability component languishes at low level Corporate ESG bond placements in EUR (billions)\* \*includes sustainable, social and sustainability-linked bonds from Q1 2021. Sources: Bloomberg, Helaba Research & Advisory 0% 11% 16% 25% 25% 41% 38% 16% 28% 24% 29% 20% 16% 16% 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 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond placements Focus on: EUR corporate bonds: Primary market Q2 2025 © Helaba | Research & Advisory | 10 July 2025 4 of 5 Industrials place biggest volume … … and greatest number of individual bonds EUR corporate bonds: Issuance volume by sector, H1 2025 EUR corporate bonds: Number of issues by sector, H1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 16% Utilities 14% Automotive 12% Health Care 11% Telcos 9% Food & Bev 6% Personal Goods 5% Media 5% Oil and Gas 4% Other 18% Industrials 96 Utilities 75 Automotive 53 Health Care 49 Telcos 38 Food & Bev 28 Personal Goods 30 Media 24 Oil and Gas 15 Other 96 Significant market share of non-Europeans US-based issuers place largest volume EUR corporate bonds: Issuance volume by region, H1 2025 EUR corporate bonds: Issuance volume by country of origin, H1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 61% European periphery 12% Others 27% (2024: 20 %) US 21% FR 19% GE 15% GB 7% IT 6% NL 4% DK 4% ES 3% LU 3% CH 3% Others 15% Subordinated issues: Typical market share Sub-IG issues almost back to 2024 levels EUR corporate bonds: Issuance volume by ranking, H1 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 Q2 2025 © Helaba | Research & Advisory | 10 July 2025 5 of 5 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/ "B" rating categories with 9% of market volume Medium-term bonds up to 7 yrs. highly popular EUR corporate bonds: Issuance volume by rating category, H1 2025 EUR corporate bonds: Issuance volume by maturity, H1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 17% BBB 15% A- 13% A 10% BBB- 7% AA- 5% NR 5% BB+ 5% A+ 4% B 4% BB 3% Others 12% Perpet. 5% > 15 yrs. 6% > 10 - 15 yrs. 15% > 7 - 10 yrs. 27% > 5 - 7 yrs. 29% > 3 - 5 yrs. 14% <= 3 yrs. 4% Average bond sizes slightly higher than 2024 Floaters see higher market share EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, H1 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 200 400 600 800 1000 Perpet. > 15 yr > 10 - 15 yr > 7 - 10 yr > 5 - 7 yr > 3 - 5 yr <= 3 yr Total 2024 2025 Fixed 85% Floaters (others) 9% Floaters (hybrids) 6% (Q1: 8%)

Record volume in the months of May and June. High participation of non-European issuers. Strong demand for floating rate bonds.