The second half of 2025 confirmed Euronext’s position as the world’s leading venue for debt listings, closing the year with sustained momentum across markets, products and issuer segments. Listing activity accelerated into year-end, reflecting continued engagement from financial institutions, corporates and sovereign issuers.
In H2 2025, 7,599 new bonds were listed across Euronext markets, with activity rising from Q3 to Q4. This strong finish capped a record year overall, with 15,011 new bonds listed in 2025, raising more than €3.6 trillion in new capital and delivering Euronext’s second consecutive all-time record year in debt listing revenues.
By year-end, Euronext ranked #1 globally for new bond listings in Q4 with a 43% core market share. As at end 2025, more than 55,000 bonds from nearly 100 countries were listed across Euronext markets, reinforcing the group’s global leadership in debt listings.
Spotlight on key issuances in H2 2025
The breadth and depth of H2 activity were illustrated by several notable transactions, including:
- Euronext’s own €600 million senior unsecured bond listed in Dublin
- Brightstar Lottery’s c.€690 million senior secured bond in Dublin
- Turk Telekom’s c.€550 million inaugural sukuk in Dublin
- Orange’s €5 billion multi-tranche bond in Paris
- Sofina’s €600 million senior unsecured bond in Brussels
- DNO’s c.€370 million hybrid bond in Oslo
- Dolomiti Energia’s €300 million green bond in Milan.
View full list of bond listings
Broadening Europe’s debt markets through targeted innovation
Alongside record issuance volumes, 2025 underscored Euronext’s role in supporting a broad and evolving debt market ecosystem. Sustainable finance remained a defining feature, with more than 600 ESG bonds listed during the year, raising over €270 billion and accounting for nearly half of all European ESG bond proceeds since 2021.
International issuance also remained diversified, including 25 sukuk listed in 2025, reflecting continued demand for a wide range of debt structures across jurisdictions.
This diversification was complemented by targeted strategic initiatives, notably the launch of the European Defence Bond Label in July, which by year-end had been awarded to three issuances – Bpifrance (€1 billion), BPCE (€750 million) and Exail Technologies (€300 million) – mobilising more than €2 billion in defence financing.
In parallel, progress continued on bond repatriation, with over 20 EMTN programmes transferred to the Italian regulated market, representing approximately €165 billion in programme size and €10 billion in new bond listings, reinforcing Europe’s domestic capital markets infrastructure.
Market trends and outlook for H1 2026
Looking ahead, the debt listing business is expected to deliver another robust year in 2026, albeit below the exceptional record levels of 2025. While global market dynamics may gradually rebalance, Euronext’s diversified issuer base, strong structured finance pipeline, sustained bank issuance and expanding defence financing ecosystem provide solid foundations for continued growth.
As issuance activity normalises, Euronext remains uniquely positioned to support issuers across the full spectrum of financing needs, from high-frequency structured products and CLOs to sovereign, corporate, sustainable and defence-linked bonds.
Want to learn more?
Visit our bond listing webpage and get in touch with the Euronext team.