Global bond issuance set to grow at slowest pace in five years in 2027, S&P Global Ratings says
TLT•Global bond issuance is expected to grow 2.7% in 2027, down from an expected 12.2% in 2026. Issuance is forecast to reach $11.7 trillion in 2026, while hyperscaler bond issuance is nearing $300 billion that year.
1. Issuance growth slows
Global bond issuance is expected to grow 2.7% in 2027, its slowest pace in five years, compared with expected growth of 12.2% in 2026. The total is forecast to reach $11.7 trillion in 2026.
2. Rates and borrowing needs
Higher interest rates and uncertainty related to the Middle East war could curb borrowing appetite. Hyperscaler bond issuance is nearing $300 billion in 2026, and AI-related capital expenditure is expected to top $1.3 trillion in 2027; hyperscaler issuance is likely to increase next year, but at a slower pace. China is likely to remain a source of issuance growth, while corporate bond spreads have narrowed as demand for sovereign and corporate debt remains robust.
