Key Takeaways

EUROPE

• Near-record volumes driven by ESG: June delivered massive issuance, including the second-highest June on record for IG corporate bonds (EUR47.79bn). ESG sales accounted for 28.6% of the corporate total, featuring the market's first-ever IG corporate benchmark blue bond.
• Investor fatigue and market saturation: Heavy supply across FIG, Covered, and SSA sectors caused market indigestion. Cover ratios dropped notably while New Issue Concessions (NICs) spiked as investors pushed back against tight pricing.
• Strong High Yield momentum: Despite geopolitical uncertainty, High Yield remained highly active, crossing EUR10bn for the third consecutive month as issuers rushed to lock in yields before summer.
• Sharp July slowdown expected: Following H1's relentless pace and growing investor pushback demanding better spreads, liquidity is waning with a very quiet July anticipated.

APAC

• Late-month surge fuels robust volumes: APAC USD primary bonds reached USD51.57bn (second-highest month of 2026), driven by a USD31.49bn final-week push amid risk-on sentiment from US/Iran ceasefire talks.
• IG dominates amidst weaker metrics: Investment-grade bonds comprised 93% of supply. However, heavy volume and regional stock volatility pushed the average cover ratio down to 4.40x and NICs up to 3.1bps (highest of the year).
• Japanese issuers lead: Japan accounted for 45% of regional supply (USD23.33bn), with issuers leveraging USD denominations as domestic rates hit three-decade highs.
• South Korean and Indian resurgence: Both markets rebounded strongly, raising USD6.3bn and USD 4.1bn respectively. Vedanta Resources' USD1.75bn trade marked the largest-ever high-yield USD transaction from an Indian borrower.

UNITED STATES

• Shattered issuance records: The month delivered a June record of USD201.27bn in ex-SSA issuance, surpassing the previous peak from the COVID-19 pandemic in 2020.
• Historic mega-trades: Two massive USD25bn multi-tranche offerings from NVIDIA Corporation and Space Exploration Technologies Corp. anchored the unprecedented volume.
• Industrials and Financials dominate: Domestic industrials led with USD62.25bn, followed by domestic financials (USD48.82bn) and Yankee financials (USD46.35bn).
• Solid metrics despite supply glut: Demand remained healthy with orderbooks averaging 3.73x and deals contracting an impressive 27.98bps from IPT to pricing.
• Booming High Yield: US high-yield posted its second-busiest month (USD34.39bn), capping a massive Q2 and bringing YTD volume to USD175.23bn—outpacing 2025 by over 23%.

IGM's Global Credit Snapshot is best viewed in the original PDF format available here: June 2026