HY issuance boosted by fund inflows and low coupon costs as tariff headwinds recede
Tight secondary spreads and a strong run of fund inflows have been conducive for primary, with new issuance successfully overcoming tariff-induced volatility.
Primary issuance across the Americas, EMEA and Asia Pacific (APAC) markets increased by 1% year on-year to USD 7.4tn-equivalent during the first nine months of 2025.
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