The first half of 2025 has seen record activity in debt listings across all Euronext markets. More than 7,400 new bonds were listed, raising over €2.1 trillion in capital. This strong performance reflects high issuance volumes across all jurisdictions, supported by a broad and diverse base of issuers including financial institutions, corporates, sovereigns and supranational entities.
Euronext also reinforced its global leadership in sustainable finance, with over 330 ESG bonds listed in H1 2025 alone, raising more than €130 billion. Since 2021, nearly half of the funds raised through ESG bond issuances have come from bonds listed on Euronext.
This strong momentum is underpinned by three key drivers:
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A more favourable interest rate environment
Successive rate cuts by the European Central Bank have significantly lowered the cost of capital, encouraging issuers to come to market and secure funding on improved terms. -
Ongoing refinancing needs
Issuers across sectors have returned to the market to refinance upcoming maturities, lock in lower borrowing costs, or optimise their capital structures. -
Euronext’s continued support for issuers
Our teams have worked closely with market participants to streamline the listing process, enable seamless cross-border execution, and provide enhanced visibility, flexibility and responsiveness to meet evolving issuer needs.
Issuers have been well received by the market. Most transactions were significantly oversubscribed, reflecting strong investor demand and constructive secondary market conditions. This environment supported smooth execution and, in many cases, pricing inside initial guidance.
Spotlight on key issuances in H1 2025
The breadth of activity across Euronext’s locations is reflected in several landmark transactions:
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A2A raised €500 million through the first EU Green Bond ever, listed on Euronext Milan (MOT) to support renewable energy projects, including transmission and distribution networks, as well as pollution prevention initiatives.
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Île-de-France Mobilités raised €1 billion through the first EU Green Bond ever issued by a public entity, listed on Euronext Paris. The bond will support the development of a carbon-free transport network for the greater Paris region — a milestone for public sector sustainable finance.
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ABN AMRO issued a €750 million EU Green Bond, the first of its kind from a financial institution, listed on Euronext Amsterdam. The transaction aligns with the European Union’s new green bond standard and attracted strong ESG-focused demand.
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Unibail-Rodamco-Westfield listed a €815 million perpetual hybrid bond on Euronext Paris, with a 4.875 coupon and around €2.5 billion in demand. The structure supports liability management and capital optimisation for one of Europe’s largest real estate groups.
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Neste Corporation, a global leader in renewable fuels, issued a €700 million Green Bond listed on Euronext Dublin. Proceeds will finance projects turning waste and raw materials into renewable energy sources and recyclable feedstocks.
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INWIT, Italy’s largest telecommunications infrastructure operator, raised €750 million through a 5-year bond listed on Euronext Milan (MOT). The issuance supports innovation and digitalisation – a reflection of growing demand for connectivity infrastructure financing.
View full list of bond listings
Market trends and outlook for H2 2025
The outlook for the second half of 2025 remains positive, with a healthy pipeline and strong issuer engagement across sectors. Key trends include:
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Sustained bank issuance
Bank bond activity remains a cornerstone of overall market volumes. While H2 issuance is expected to moderate slightly from the exceptional levels seen in H1, financial institutions continue to benefit from tight spreads and solid demand for structured formats. -
Accelerating corporate bond activity
Corporate issuance is outpacing early-year expectations. The robust pipeline expected in Q2 fully materialised and momentum is continuing into H2. Drivers include lower rates, refinancing needs, and increased activity from US-based corporates issuing euro-denominated bonds ("reverse Yankees") in response to domestic market volatility. -
Stable sovereign and supranational volumes
Issuance by sovereigns and supranational entities remains elevated, in line with forecasts. Ongoing fiscal needs and EU-level funding programmes continue to support activity – particularly in areas such as energy transition, economic resilience and defence.
Overall, while macroeconomic and geopolitical uncertainty may introduce some volatility, Euronext expects continued debt listing momentum in the second half of the year.
Want to learn more?
Visit our bond listing webpage and get in touch with the Euronext team.