Dealogic data show US debt capital market (DCM) issuance is little changed year on year (YoY) in aggregate: 2025 year-to-date (YtD) totals US$1.97 trillion in proceeds (-3.4% YoY) across 6,465 deals (-1.8% YoY).
Sector trends are mixed. Corporate issuance is modestly lower in value and count, with US$628.1 billion (-1.9% YoY) across 550 deals (-6.8% YoY), compared with US$640.5 billion and 590 deals over the same period in 2024. Asset- and mortgage-backed supply has cooled more sharply to US$658.1 billion (-11.5% YoY) from US$743.3 billion, with 1,169 deals (-20.7% YoY) versus 1,474 a year earlier.
Financial institutions’ issuance has grown in value while receding slightly in activity. FIG prints US$389.4 billion in 2025 YTD (+4.7% YoY) on 1,535 deals (-1.1% YoY), from US$371.9 billion and 1,552 deals in 2024 YTD.
Sovereign, supranational and agency supply is the outlier on volumes, with deal count up and value higher year on year. SSA totals US$289.7 billion (+3.8% YoY) across 3,211 deals (+8.0% YoY), up from US$279.2 billion and 2,973 deals.
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