Resilient EU high-yield issuance despite sponsor stagnation

  • European high-yield issuance rose 8.8% in 2025 to EUR 132 billion, second only to 2021 in this decade, when interest rates were near zero.
  • M&A activity showed significant growth.
  • Private equity exits have stalled since 2021, as valuation gaps between buyers and sellers deter PE funds from realizing lower returns.

Read in-depth insights in our Fixed Income Credit Markets – January 2026