---
title: "EUR corporate bonds: Primary market Q4 2024"
url: https://www.helaba.com/en/eur-corporate-bonds-primary-market-q4-2024
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# EUR corporate bonds: Primary market Q4 2024

Focus on: Credit 12 December 2024 © Helaba | Research & Advisory | | 12 December 2024 1 of 5 Research & Advisory EUR Corporate Bonds: Primary Market Q4 2024 Issuance activity surges on back of falling interest rates So far, the final quarter of 2024 has seen euro-denominated corporate bond issuance of just under EUR 77 billion - almost EUR 20 billion more than in the same period of the previous two years. While corporate placement activity was shortly interrupted by the closely watched US presidential election in November, it was back to normal after only a few days. Overall, almost EUR 460 billion has been raised since the beginning of the year, nearly as much as in the record-breaking year of 2020. This represents an increase of more than EUR 100 billion compared to the previous year. Not only was the number of bonds significantly higher than in 2023 (792 vs. 607), but the average volume of issues was also somewhat larger than in the previous year at EUR 575 million. In our opinion, the main factors for the robust performance of the market were a sharp decline in swap rates and a gradual normalisation of their yield curve. In 2025, we be- lieve that key rates are likely to continue falling, especially at the short end of the curve, and regard this scenario as conducive to sustaining the buoyant activity in the market. Consequently, we see scope for a further increase in placement volumes. As in prior quarters, smaller benchmark issues remain dominant – green bonds still the most popular ESG format In the fourth quarter of the year, the most popular type of issuance was once again bonds with a volume of be- tween EUR 500 and just under EUR 1 billion. With around 76 % of market volume, this segment’s share remained at the same level as in the preceding quarters. Among the largest total deals in Q4 were those of Danish company DSV (EUR 5 billion in 6 tranches), followed by Volkswagen (EUR 2.75 billion in 3 tranches) and Total Energies (EUR 2.5 billion in 2 tranches). The market share of bonds with ESG features stabilised in the final quarter of 2024 at 21 % of total issuance volume. Since the beginning of January, this segment's market share has reached 23 %. In common with the previous quarters, ESG issuance has almost exclusively consisted of green bonds with ear- marked proceeds. In the period from October to December, they accounted for 84 % of all ESG placements. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Full-year volume close to historic peak Euro corporate bonds\*: Issuance volume in EUR (billions) \*issues with a minimum volume of EUR 50 million, as of 12 December 2024. 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 Q3 Q4 Q1 Q2 Focus on: EUR corporate bonds – Primary market Q4 2024 © Helaba | Research & Advisory | 12 December 2024 2 of 5 Industrials and utilities retain first and second spots - France tops country ranking Industrial companies and utilities were the most active sectors in the fourth quarter of 2024, with issuance vol- umes of EUR 17.2 billion across 29 individual bonds and EUR 11.9 billion across 24 individual bonds, respectively. On a year-to-date basis, both have therefore managed to retain their leading positions and together account for around one-third of market volume and of total bonds issued. In terms of placement volume, non-European corpo- rates achieved a market share of 20 % in 2024, which was marginally higher than in 2023 (19 %). However, their activity slowed somewhat in the final quarter of the year. Since January, one noteworthy decline has been the share of total volume attributable to US issuers, which fell from 16.4 % (as of the end of Q3) to 15.2 %. The most active issuers by country were French and Germany companies, which represented 16.3 % and 16.1 % of the mar- ket. Subordinated bonds in the ascendant – maturity breakdown returning to normal The fourth quarter of the year also saw brisk subordinated issuance with more than 7 % of placement volume in this segment, compared to just under 6 % for 2024 as a whole. Hybrids made up the overwhelming majority of these deals. Activity from sub-investment grade issuers remained fairly strong in Q4, lifting their market share for the full year to almost 21 %. In contrast, ‘BBB’ rating categories accounted for only 40 % of total issuance. The normalisation of policy rates has contributed to a further rebound in demand for longer maturities over the last few months. This is reflected in the fact that more than half of bonds were issued with maturities of more than seven years. The market share of short maturities of up to three years remained unchanged at 6 %. Strong de- mand for floating rate notes continued unabated in Q4, with their share of total issuance reaching 9 % since Janu- ary (7 % in 2023). Focus on: EUR corporate bonds – Primary market Q4 2024 © Helaba | Research & Advisory | 12 December 2024 3 of 5 Chartbook: Euro-denominated corporate bond issuance US election only puts brief damper on activity Small benchmarks dominate market EUR corporate bonds: Issuance volume in EUR (billions) EUR corporate bonds: Placements by issue size in EUR (millions)\* \*as of 12 December 2024. Sources: Bloomberg, bondradar, Helaba Research & Ad- visory \*as of 12 December 2024. Sources: Bloomberg, bondradar, Helaba Research & Ad- visory 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2021 2022 2023 2024 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 < 250 500 to < 1000 1000 to < 1500 >= 1500 250 to < 500 Recent stabilisation in share of bonds with sustainability component Corporate ESG bond placements in EUR (billions)\* \*includes sustainable, social and sustainability-linked bonds from Q1 2021. As of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory 0% 11% 16% 25% 25% 41% 38% 16% 28% 24% 30% 19% 19% 21% 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 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond issues Focus on: EUR corporate bonds – Primary market Q4 2024 © Helaba | Research & Advisory | 12 December 2024 4 of 5 Industrial sector places largest volume … … and greatest number of bonds EUR corporate bonds: Issuance volume by sector, 2024 EUR corporate bonds: Number of issues by sector, 2024 \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory Industrials 18% Utilities 17% Automotive 12% Health Care 9% Telco 9% Personal Goods 8% Food & Bev 6% Retail 4% Travel & Leisure 4% Other 13% Industrials 136 Utilities 133 Automotive 84 Health Care 58 Telco 63 Personal … Food & Bev 45 Retail 37 Travel & Leisure 41 Other 116 Continued strong showing by non-Europeans France seizes top spot EUR corporate bonds: Issuance volume by region, 2024 EUR corporate bonds: Issuance volume by country of origin, 2024 \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory European core 65% European periphery 15% Others 20% (2023: 19 %) FR 16% GE 16% US 15% GB 10% IT 7% CH 4% ES 4% BE 4% NL 4% DK 3% Others 17% Market share of subordinated paper remains high Sub-IG issuers place one in five bonds EUR corporate bonds: Issuance volume by ranking, 2024 EUR corporate bonds: Issuance volume by credit quality group\* \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory \*as of 12 December 2024. 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 IG HY Crossover NR Focus on: EUR corporate bonds – Primary market Q4 2024 © Helaba | Research & Advisory | 12 December 2024 5 of 5 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud R. 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/ 40 % of volume in "BBB" rating categories Longer tenors comprise more than half of market EUR corporate bonds: Issuance volume by rating category, 2024 EUR corporate bonds: Issuance volume by maturity, 2024 \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory BBB+ 18% BBB 14% A- 13% A 12% BBB- 8% B 7% A+ 6% BB+ 4% NR 4% AA- 3% BB- 3%Others 8% Perpet. 4% > 15 yr 6% > 10 - 15 yr 19% > 7 - 10 yr 25% > 5 - 7 yr 29% > 3 - 5 yr 11% <= 3 yr 6% (2023: 10 %) ø bond volumes marginally higher than 2023 Popularity of floating rate notes undiminished EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, 2024 \*as of 12 December 2024. Sources: Bloomberg, Helaba Research & Advisory \*as of 12 December 2024. 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 2023 2024 Fixed 85% Floater (Other) 9% Floater (Hybrids) 6% (2023: 7 %)

Normalization of the interest rate curve drives market activity to peak levels. Longer maturities in greater demand again. Further increase in issuance volumes possible next year.