European capital markets operate under growing expectations for efficiency and cross-border accessibility, with the ability to channel capital effectively across jurisdictions closely linked to economic competitiveness and investment capacity. While trading activity often receives the most attention, post-trade infrastructure plays a central role in shaping how capital markets function in practice.  

Central securities depositories, or CSDs, are at the core of this infrastructure. Their operating models influence settlement efficiency, cost structures and the ease with which market participants can operate across borders. 

Fragmentation and its structural consequences 

Post-trade in Europe remains geographically fragmented. More than 30 CSDs operate across the continent, each embedded in its own domestic framework. For groups active in several markets, this results in multiple account structures and operational duplication. 

These structural features translate into higher costs and increased complexity for intermediaries. Issuers are also affected, as post-trade arrangements influence settlement efficiency, liquidity and the overall attractiveness of listed securities. Over time, fragmentation limits the ability of European capital markets to operate at scale. 

Integration as a strategic objective 

Achieving meaningful integration in post-trade requires a model that is operationally coherent and scalable. For Euronext Securities, this means enabling cross-border access through harmonised platforms and standardised processes, while remaining fully aligned with national legal and regulatory requirements. 

This direction is consistent with European policy initiatives, including the Savings and Investments Union and the Market Infrastructure Package. It also reflects the conclusions of the Oxera report on CSD markets, which highlights the role of interoperability and competition, supported by a common settlement layer such as TARGET2-Securities (T2S), in addressing fragmentation and improving market outcomes. 

Delivering integration through Euronext’s European Offering 

Euronext Securities is implementing this strategy through its European Offering. 

From September 2026, market participants will be able to manage activity in several additional major European markets, starting with France, Belgium and the Netherlands, through one CSD and one securities account, in parallel with the CSDs that Euronext currently operates in Denmark, Italy, Norway and Portugal. This introduces new optionality, enabling clients to consolidate flows and simplify operating models. Over time, the approach will be extended to additional markets and instruments. 

Implications for issuers and intermediaries 

A more integrated post-trade model has direct implications for both issuers and market participants. 

Issuers can rely on a single market infrastructure partner to support listing, issuance and the ongoing management of securities across multiple jurisdictions. More efficient settlement and lower transaction costs support liquidity and strengthen the overall investment case for listed instruments. 

For intermediaries, consolidation reduces the need to maintain multiple local set-ups. A simplified access model supports cost efficiency and makes it easier to deploy resources across European markets in line with client demand. 

The evolving role of the CSD 

As post-trade integration advances, the role of the CSD continues to broaden. Euronext Securities has invested in services that complement its core settlement and custody functions. 

These include data services that provide clients with tailored datasets to support operational decision-making, as well as expanded tax services that assist global institutions in managing withholding tax obligations across several jurisdictions. Euronext’s acquisition of Acupay in 2024 strengthened these capabilities, adding specialist expertise to Euronext Securities’ service offering. 

Through these developments, Euronext Securities aims to support clients beyond basic post-trade processing, allowing them to focus on their own commercial priorities. 

Convergence, T2S and preparation for T+1 

The Euronext European Offering is supported by the wider Convergence Programme, which focuses on harmonising technology and client experience across Euronext Securities’ CSDs. This programme includes the development of a unified post-trade infrastructure over the medium term. 

TARGETt2-Securities provides the common settlement foundation for this approach. In parallel, Euronext Securities is preparing for the transition to T+1 settlement, working closely with clients and regulators to support a coordinated migration across markets. 

Together, these initiatives are aimed at reducing operational complexity and supporting more efficient cross-border activity through practical delivery. 

Collaboration as a condition for progress 

Progress toward a more integrated post-trade landscape depends on sustained collaboration between market infrastructures, intermediaries and regulators. The engagement of Euronext Securities’ clients has played a central role in shaping the solutions currently being delivered. 

Euronext Securities remains committed to this collaborative approach. By continuing to invest in harmonisation and cross-border services, it seeks to contribute to the post-trade foundations required for stronger and more accessible European capital markets. 

Learn more 

Watch the following video interview with Pierre Davoust, Head of Euronext Securities, to learn more about the vision for a unified European post-trade landscape and the steps being taken to deliver it.

Record issuance, shifting priorities

Latin America reached record levels of international bond issuance in 2025, supported by improving risk appetite and lower borrowing costs. In the first nine months of the year, international issuance reached US$161 billion, the highest level on record, led primarily by investment-grade issuers.¹

At the same time, sustainable-labelled issuance declined compared with previous years, as issuers prioritised execution speed and certainty amid heightened geopolitical and macroeconomic uncertainty.

Labelled issuance softened, investor interest remained strong

While overall issuance volumes increased, the share of green, social and sustainability bonds fell materially. Sustainable-labelled issuance in Latin America totalled US$14.1 billion over the same period, representing 8.7% of total issuance, down sharply from 2023–2024 levels.¹

Market participants attribute this shift largely to a preference for execution simplicity rather than a retreat from ESG, with issuers favouring simpler structures in a more volatile environment. European secondary market data continues to show meaningful trading activity in labelled instruments, indicating that sustainable and transition narratives remain well understood and actively priced by investors.²³

Europe as a complementary market for investor diversification

As issuance windows become shorter and more episodic, access to multiple investor pools is increasingly viewed as a balance-sheet consideration rather than a distribution preference. The ability to issue repeatedly, at scale, and across jurisdictions can materially reduce concentration risk and improve execution resilience.

In this context, European listing venues are often used as a complementary access point, providing an additional axis for market access alongside domestic and US markets.

Why Europe remains a strategic ESG hub

Despite volatility in primary labelled issuance, Europe continues to play a structurally important role in sustainable debt markets. European secondary markets remain active in labelled instruments, even during softer issuance cycles.

ICMA data for H1 2025 shows that 15% of notional traded in EU corporate secondary markets carried a sustainable finance label, compared with 12% in the UK, with green bonds representing the largest share of labelled trading in the EU.²

At issuance level, EU-wide indicators also point to a gradual structural shift: green bonds accounted for 6.9% of all bonds issued by corporates and governments across the EU in 2024, up from 5.3% in 2023.³

Positioning for optionality across market cycles

The 2025 issuance environment highlights the value of optionality. While many issuers prioritised speed over labelled complexity, maintaining access to markets with mature sustainable finance infrastructure allows issuers to adapt as conditions evolve.

European listing venues, including Euronext Dublin, have been used by international issuers as part of this broader strategy, supporting a range of debt structures, from plain-vanilla bonds to sustainable and transition formats, within a consistent regulatory framework.⁴⁵

Want to learn more?

Visit our bond listing webpage and get in touch with the Euronext team.

Learn more about our bond listing process

1.    ECLATAM (CEPAL), “Capital flows to Latin America and the Caribbean: first nine months of 2025” (repositorio.cepal.org)
2.    ICMA, “European Secondary Market Data Report – H1 2025 (Corporate Edition)”. (ICMA)
3.    European Environment Agency (EEA), “Green bonds in Europe | Indicators” (1 Jul 2025). (European Environment Agency)
4.    Euronext news release, “H1 2025 in review: Strong performance in debt listings…” (28 Jul 2025). (Euronext)
5.    Euronext press release, “In 2025, Euronext strengthened its position…” (22 Dec 2025). (Euronext)
 

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.

Learn more about our bond listing process