Heading into June, it looked as if the global economic uncertainty created by US President Donald Trump’s Liberation Day would hamper bond issuance in 1H25. Instead, primary markets have hit another gear in the last few weeks, with several regions turning out new records, and driving activity towards parity with 1H24. In 1Q25, USD 2.75bn in paper passed from issuers to investors and the total for 2Q25 is only narrowly down year-on-year (YoY) at USD 2.2trn.
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