Bond primary markets outperformed syndicated loans in the first quarter, with Dealogic rankings showing debt capital markets volumes rising across most major regions even as loan issuance fell sharply outside the Americas.
US-marketed debt capital markets (DCM) volumes reached US$1.35tn in Q1 2026, up 3% year on year (YoY), while European DCM rose 6% to US$994.4bn. Canadian debt primary markets saw the largest increase, up 27% to US$63.9bn. Latin America and the Caribbean bond primary issuance gained 19% to US$82.3bn. The Middle Eastern and African bond primary markets rose 11% to US$81.6bn, while Japanese primary issuance climbed 15% to US$75.6bn. The only regions to contract were Asia ex-Japan, down 10% to US$396.7bn, and Australasia, down 1% to US$76.4bn.
According to Dealogic rankings for the first quarter, the picture was materially weaker in loan issuance. Global syndicated loan volume totalled US$1.37tn in the quarter, down 12% YoY. American syndicated load issuance was broadly flat, slipping 1% to US$922.9bn, but the EMEA’s fell 23% to US$340.2bn, while APAC’s dropped 43% to US$103.7bn.
Some signs of credit stress were evident last month, with underwriters delaying deals like Qualtrics and many private credit funds gating redemptions.
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