The preliminary view of 2025 capital markets deals, published by Dealogic, has found that global DCM volume delivered a total of US$9.5 trillion, 19% higher than the previous five-year average. There were nearly 30,000 deals in the year, which is 28% higher than the previous five-year average but down slightly on 2024.
US markets saw the greatest deal volume at US$4 trillion, 21% up on the previous five-year average, with EMEA 22% up on the five-year average at US$3 trillion. Deals numbers were up more substantially in the US, at 12,850, which is 28% higher than the five-year average although down on 2024.
Investment grade issuance in the US was noted to be at a record in November 2025 by Morgan Stanley analysts, reaching US$144 billion, up 38% year-on-year, while year-to-date volumes were up 11% year on year at the start of December to hit US $1.8 trillion, while the IG sector is at its highest index quality since 2015.
While the bank noted that 16% of Q4 issuance was expected to be used for M&A purposes, the greatest focus in the market had been issuers supporting potential AI infrastructure, known as hyperscalers.
“AI is now the topic-du-jour and hyperscalers have tapped the IG debt market to help fund infrastructure capex,” they wrote. “Four out of the five IG hyperscalers issued this year. Including off-balance sheet JVs, YTD total debt issued is US$120 billion, but hyperscalers are still only a tiny portion of the IG index – only 3% as of Dec 2025. Hyperscaler spreads have widened in recent weeks, led primarily by Oracle, the only BBB hyperscaler.”
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