Debt Market Update Q3-2025

Since the September policy meeting, softer growth expectations and trade uncertainty have tempered market sentiment. The European Commission now projects Euro area GDP at 0.9% in 2025, with inflation easing toward 2.1%, while the ECB keeps policy restrictive, even as rate cuts make new borrowing more affordable. Despite unchanged lending standards, loan and bond issuance has continued to rise, supported by lower funding costs and selective ESG-driven activity.

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