Record Supply Momentum in EUR High Yield Issuance

• In 2025, EUR high-yield gross supply increased 8% to EUR 110 billion

• The refinancing premium turned into a discount (Dec-2024: +65 bps | Dec-2025: -17 bps)

• In 2026, EUR high-yield gross supply is projected to reach a record of EUR 140 billion (+27% YoY), driven by EUR 62 billion refinancing and higher issuance from financial corporates

Read in-depth insights in our Fixed Income Credit Markets – December 2025