Debt Explorer | US and European high yield bond markets cooled during the first quarter of 2025 as macroeconomic uncertainty and a dearth of M&A financing opportunities put the brakes on issuance

Global IPO activity showed steady progress in 2024. Although geopolitical volatility still lingers, the foundations are in place for another solid year

Although Latin America IPO markets look set to remain challenging in the year ahead, investors who are able to handle risk will find opportunities

The Asia-Pacific region had to contend with a slowdown in new listings in mainland China, but another bumper year for India's IPO market, which consolidated its position as the most active IPO hub globally, helped to lift overall activity in the region

Although European IPO markets still trail pre-pandemic levels, they began an upward trajectory in 2024, with an encouraging pipeline of new IPO candidates lined up for 2025.

US IPO markets entered 2025 well positioned for a promising year as stabilizing interest rates, a business-friendly US administration and the pressing need for private equity firms to exit portfolio companies laid the foundation for a favorable IPO environment, but uncertainty regarding US tariff

Global IPO proceeds improved in 2024, but while some IPO markets performed strongly, others faced a challenging year. In 2025, regional markets appear set to drive IPO themes

Long-term policy initiatives supporting the development of capital markets in the Middle East are paying off, with stock markets across the region supporting a cluster of large state-backed and private sector IPOs in 2024

Strong performance from regional IPO hubs has helped stabilize global IPO markets and lay the foundation for further gains in 2025

Debt Explorer | While issuance of high yield bonds strengthened across all key global jurisdictions in 2024, the US and Europe still face mounting maturity walls

Debt Explorer | After a period of volatility, Europe’s leveraged finance market is primed for resurgence, with new and exciting opportunities available to lenders and borrowers alike

After a challenging period of elevated  rates, Europe's leveraged finance markets are poised for growth in 2025, with stabilising costs, rising competition and renewed opportunities for dealmakers.

Debt Explorer | Lenders and borrowers in Latin America are sustaining transaction activity in a persistently challenging market with innovative structured finance and securitization deals