Global debt capital markets (DCM) deal values have dropped year-on-year over 2025 so far, falling below the five-year average, according to Dealogic data.
The US$3.1 billion seen so far this year is a 8% decline on the first four months of 2024, when results jumped to their highest levels of the last five years – US$3.5 billion.
Deal values dropped across regions, most drastically in APAC where volumes fell 17% YoY to US$714 million. EMEA fared little better, down 13% YoY to US$1.1 billion, while the Americas recorded a less aggressive 5% decline — and remained ahead of the pack with US$1.3 billion in deals.
In April, the two largest DCM deals executed in 2025 were European. The first, an Italian sovereign issuance of US$12.4 billion, was priced on 16 April. The second, a supranational European Commission offering, was priced on 8 April.
The remaining three top deals were investment grade corporate bonds, two US-based from Morgan Stanley and Wells Fargo totalling US$16 billion, and one from the State Grid Corporation of China, weighing in at US$6.8 billion.
©Markets Media Europe 2025
