November delivered record-breaking bond issuance across global markets, with standout performances in European investment grade corporates, APAC's exceptional investor demand, and the US high yield market's strongest showing since 2021.
IGM's Global Credit Snapshot is best viewed in the original PDF format available here: November 2025
Key take-aways:
Europe
Investment Grade Corporates: November saw record-breaking issuance volumes, with EUR68.1bn raised, surpassing previous highs. US companies contributed significantly, leveraging favourable dollar and basis swap rates. The average NIC rose to 3.21bps, ensuring strong investor participation with a cover ratio of 3.25x.
FIG (ex-covered): EUR32.85bn was issued, with highlights including Barclays' EUR1.5bn AT1 deal and Deutsche Bank's PNC April 2035, which achieved a 7.5x cover. Senior issuance dominated, with notable deals from Morgan Stanley and HSBC. Eastern European issuers gained prominence towards the month's end.
Covered Bonds: November was disappointing with only EUR8.5bn issued. Despite low supply, demand was strong, with cover ratios averaging 3.88x. ING Bank printed the largest single covered trade of the year at EUR2bn with a NIC of 2bps.
APAC
Investment Grade Issuance: USD19.168bn accounted for 92% of total APAC USD supply in November, with strong investor demand reflected in a record average cover ratio of 7.55x. China's USD4bn transaction set records for order book size and cover ratios.
Geographical Diversity: Issuers from China, Indonesia, and Southeast Asia dominated, with China contributing 61% of monthly supply. Notable deals included Indonesia's USD2bn Sukuk and rare financial offerings from BDO Unibank and Malayan Banking Berhad.
High Yield: Modest USD1.05bn issuance across three transactions, slightly down from October's USD1.65bn. Key issuers included West China Cement, UzAuto Motors, and the Lao People’s Democratic Republic.
United States
USD Issuance: November saw USD139.175bn in ex-SSA issuance, led by industrials with USD79.6bn, including major multi-tranche deals from Alphabet (USD17.5bn), Amazon (USD15bn), and Verizon (USD11bn). Financials followed with USD33.575bn, while utilities contributed USD10.3bn.
High Yield Market: USD24.94bn in issuance marked the strongest November since 2021. Better-quality BBs dominated, with spreads widening slightly to 295bps. Year-to-date volume reached USD297.4bn, up 13.75% from 2024.
December Outlook: Issuance estimates range from USD27.5bn to USD40bn, with an average forecast of USD34bn.