---
title: "Focus on: EUR corporate bonds - Primary market Q4 2025"
url: https://www.helaba.com/en/focus-eur-corporate-bonds-primary-market-q4-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on: EUR corporate bonds - Primary market Q4 2025

Focus on: Credit 12 January 2026 © Helaba | Research & Advisory | 12 January 2026 1 of 5 Research & Advisory EUR Corporate Bonds: Primary Market Q4 2025 A firework of issuance closes out the year The market for euro-denominated corporate bonds wrapped up 2025 in spectacular fashion, with issuance of around € 115 billion in the months from October to December - more than in any previous fourth quarter. Total placement volume was particularly strong in November, significantly beating figures recorded in previous years. Deal activity was also elevated, with 210 individual tranches brought to market during the quarter. For the full year, total issu- ance reached a new record of roughly € 520 billion, representing an increase of € 57 billion compared with 2024. Tightening credit spreads provided important support for this expan- sion. Spread compression was most pronounced in the BBB segment, where risk premia de- clined more sharply than in the A-rated universe. In terms of sectors, retailers were among the principal beneficiaries of this outperformance. Moreover, expectations of rising policy rates appear to have encouraged many issuers to bring forward their funding plans. Looking ahead, we see no material change in the underlying market environment. Against this backdrop, we expect primary market activity to remain robust as 2026 gets underway. Larger benchmark issues particularly sought after in Q4 – green format dominates ESG-related issuance Bonds with issue sizes of between € 1.0 billion and € 1.5 billion accounted for around one quarter of total quar- terly volume, a notable increase relative to earlier periods. For 2025 as a whole, this segment represented just un- der 19 % of total issuance. Nevertheless, smaller benchmark deals of up to € 1.0 billion remained the dominant format over the year, comprising approximately 68 % of aggregate supply. The largest transactions in the quarter were led by Alphabet (€ 5.5 billion across five tranches, November), Bristol Myers Squibb (€ 5.0 billion across five tranches, November), Orange (€ 5.0 billion across five tranches, November), and Novo Nordisk (€ 4.0 billion across six tranches, November). Bonds with a sustainability component remained a relatively small factor in overall activ- ity, representing around 16 % of total volume. Within this segment, issuance was overwhelmingly concentrated in green use-of-proceeds structures. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Record issuance volume in 2025 EUR 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 0 100 200 300 400 500 600 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 Q4 2025 © Helaba | Research & Advisory | 12 January 2026 2 of 6 Industrials and utilities lead issuance; non-European borrowers increase their footprint Industrial issuers were the largest contributors to primary market supply in the fourth quarter, placing € 17.8 bil- lion, equivalent to 15.4 % of total volume. Utilities were close behind with € 16.8 billion (14.5 %), while the healthcare sector accounted for € 15.3 billion (13.3 %). This sectoral ranking was also reflected in full-year issu- ance: Industrial companies remained the dominant borrowers with 16 % of aggregate volume across 172 transac- tions, followed by utilities with 14 % and 135 deals. Issuance by non-European borrowers accelerated over the course of the year. By end 2025, their share of the euro corporate bond market had risen to 28 %. Within this group, US issuers were the most active, accounting for roughly a fifth of total issuance. French issuers were com- paratively less active in the fourth quarter, placing just under € 18 billion. As a result, their share of total market volume declined to 18 % over the January-to-December period. Subordinated issues with stable market share – further growth in proportion of floating-rate issuance Issuance of subordinated bonds increased modestly in the fourth quarter. For 2025 as a whole, their share of total supply rose to 7 %, up from 6 % over the first nine months of the year. In contrast, activity from sub-investment- grade issuers moderated somewhat, with high-yield borrowers accounting for approximately € 100 billion, or 19.4 % of total issuance in 2025. The BBB rating segment remained broadly stable, representing just under 40 % of aggregate supply. Investor demand continued to favour intermediate maturities, with bonds in the five- to seven- year range capturing a market share of 30 %. Floating-rate notes gained further traction in the fourth quarter, lift- ing their full-year share to 11 % of total volumes, equivalent to approximately € 56 billion. Focus on: EUR corporate bonds - Primary market Q4 2025 © Helaba | Research & Advisory | 12 January 2026 3 of 6 Chartbook: Euro-denominated corporate bond issuance Peak volume in November Falling spreads mitigate funding cost increase 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 0,0 1,0 2,0 3,0 4,0 5,0 01.22 04.22 07.22 10.22 01.23 04.23 07.23 10.23 01.24 04.24 07.24 10.24 01.25 04.25 07.25 10.25 Euro Swap Rate 5Y iBoxx Non-Fin BBB 3-5Y Refinancing costs BBB 5Y Market share of ESG bonds falls again to 16 % 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% 19% 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 Q3 '25 Q4 '25 Sustainability- linked Sustainable Social Green Market share\* of corporate ESG bond issues Retail spreads declined at an above-average rate Large benchmark bonds in vogue 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 0,9 1,0 1,1 1,2 1,3 0 20 40 60 80 100 120 140 08.24 10.24 12.24 02.25 04.25 06.25 08.25 10.25 iBoxx € Non-Fin Retail Spread ratio Retail / Non-Fin (re A,) 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 Q4 2025 © Helaba | Research & Advisory | 12 January 2026 4 of 6 Industrials and utilities with largest volume … … and highest number of individual bonds EUR corporate bonds: Issuance volume by sector, 2025 EUR corporate bonds: Number of issues by sector, 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Industrials 16% Utilities 14% Telco 11% Automotive 10% Health Care 10% Personal Goods 7% Food & Bev 7% Media 5% Chemicals 4% Other 16% Industrials 172 Utilities 135 Telco 76 Automotive 88 Health Care 75 Personal Goods 71 Food & Bev 55 Media 41 Chemicals 36 Other 157 Non-Europeans with rising market share US corporates in the top spot EUR corporate bonds: Issuance volume by region, 2025 EUR corporate bonds: Issuance volume by country of origin, 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory European core 60% European periphery 12% Others 28% (2024: 20 %) US 20% FR 18% GE 13% GB 8% IT 5% LU 5% NL 4% JP 3% DK 3% ES 3% Others 18% Subordinated bonds with higher market share Sub-IG issuers at 19 % market share EUR corporate bonds: Issuance volume by ranking, 2025 EUR corporate bonds: Issuance volume by credit quality group Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory Senior 93% Subordinated 7% (9M: 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 Q4 2025 © Helaba | Research & Advisory | 12 January 2026 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 stay below 40 % of total issuance Nearly one in three bonds with maturity of 5 - 7yrs EUR corporate bonds: Issuance volume by rating category, 2025 EUR corporate bonds: Issuance volume by maturity, 2025 Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory BBB+ 18% BBB 13% A- 13% A 10% BBB- 8% NR 7% BB+ 5% AA- 4% A+ 4% B+ 4% BB 3% Others 11% Perpet. 5% > 15 yr 7% > 10 - 15 yr 14% > 7 - 10 yr 24% > 5 - 7 yr 30% > 3 - 5 yr 14% <= 3 yr 6% Average bond volume as large as 2024 Floaters remain highly sought after EUR corporate bonds: Average issuance size in EUR (millions) EUR corporate bonds: Issuance volume by fixed vs. floating, 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 82% Floater (Other) 11% Floater (Hybrids) 7% (9 M: 10 %)

Record volume in Q4 and full year 2025. Strong activity from non-European issuers. Unchanged conditions point to a dynamic start to 2026.