Euro Credit Supply: Primary Markets stage Dramatic Comeback in May
Following a very quiet in April, May saw a very strong rebound with robust supply. Supply was absorbed very well by the market
Executive summary
Corporate issuance soars, improvements to what has been a quiet start
May 2025 marked a powerful rebound for the euro credit market, with total issuance reaching €68bn—its highest monthly total in the past four years. This surge followed a notably quiet April. The supply was absorbed well with very strong demand on the new issues and with little indigestion in spreads signalling strong investor confidence and stabilising market conditions.
Supply has reached €207bn so far this year, falling a bit short of where we were at this point in 2024, which saw €21bn. Even though May showed strong performance, we're still seeing lower numbers compared to previous years. For perspective, by this time in 2020, corporates had issued €252bn, and €166bn in 2021.
This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more