Euro credit supply issuance surges in september

中文标题

欧元信贷供给：9月发行量激增

ING THINK10/06/2026updated 10/17/2026

Citable research brief

Core conclusion · Tlines extraction

Euro corporate primary markets reopened in September, with supply rising to €56bn from €25bn in August and YTD issuance at €389bn, about 11% ahead of last year and above the 2020 YTD high. TMT led at €15bn; corporate hybrids set a record. Bank bond supply surged to €57.5bn, its highest since February, led by €24.5bn of covered bonds, with full-year covered supply seen at €190bn.

Institution: ING THINK
Published: 10/06/2026
Research topic: Not explicitly stated
Time horizon: this month · 2026

Key arguments

September euro corporate supply rebounded to €56bn from €25bn in August, lifting YTD issuance to €389bn, roughly 11% ahead of 2025 and above the previous YTD high of 2020.
TMT led at €15bn in September, taking YTD to €97bn (up 31% YoY); utilities reached €70bn YTD (up 39% YoY).
Corporate hybrid issuance hit €46bn YTD, already exceeding the full-year 2025 total of €38bn and a record annual volume.
Bank supply surged to €57.5bn, the most since February, driven by €24.5bn of covered bonds and nearly €26bn of senior unsecured, with full-year covered supply seen at €190bn.

Key numbers

September euro corporate supply: €56bn
YTD euro corporate supply: €389bn
September bank bond supply: €57.5bn
September covered bond supply: €24.5bn
YTD corporate hybrid issuance: €46bn

Main risks

Forecasts for full-year bank supply (€190bn covered, €80bn senior preferred, €140bn senior bail-in, €30bn Tier 2, €15bn AT1) may not materialize if market conditions change.
Heavy supply could pressure euro credit spreads, though the report does not assess spread direction.
Sustainable supply remains concentrated in green format (€10.1bn of €9.8bn plus €1.8bn covered), with no social issuance recorded.

Corresponding source evidence

We expect the full-year covered supply to reach €190bn, of which €185bn in benchmark-sized bonds.
We expect supply to continue flowing in the segment this month to reach about €80bn in senior preferred bonds by the end of the year and €140bn in senior bail-in bonds. · this month
This brings the Tier 2 segment to over €26.5bn supplied, close to our €30bn full year estimate.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

Verify at the original source ↗

Download institution PDF