Global Convertibles Issuance: Key Trends and Insights Q3 2025
Record-breaking year-to-date issuance and robust investor appetites mark a standout quarter for convertibles.
The convertible securities market surged ahead in Q3 2025, showcasing both remarkable resilience and enthusiastic investor appetites. Momentum from earlier in the year accelerated sharply, with issuance activity nearly 60% higher than the same period last year. The quarter was defined by a wave of large-scale “mega deals,” as issuers seized favorable financing conditions and investors continued to seek hybrid opportunities offering equity upside and fixed income stability.
With gross proceeds approaching $50 billion, Q3 issuance lifted year-to-date totals to $132 billion—surpassing the equivalent results for 2021 and 2024, and positioning 2025 as a record-setting year to date.
This report unpacks the key forces behind this momentum—from sector-level and regional trends to a closer look at the quarter’s standout transactions—offering a data-driven perspective on how convertibles are evolving as a strategic financing tool in today’s shifting market environment.
Inside the Report:
Global issuance momentum: $49.4 billion raised across 79 deals in Q3—up 85% year over year.
-
Regional performance: North America dominated activity, while APAC nearly doubled issuance from the prior quarter.
-
Sector trends: Technology, Industrials, and Financials led the charge, reflecting broad market participation.
-
Top transactions: Billion-dollar mega deals from Alibaba, Coinbase, and Nebius signaled deep investor appetite.
-
Emerging patterns: Zero-coupon structures and dual-tranche issuances highlight innovation in convertible financing.
Market Perspective
Q3 2025 marked another milestone for the global convertible bond market. Sustained issuance, strong investor confidence, and an expanding base of first-time issuers underscore the market’s strategic importance in today’s capital environment. The continued rise of zero-coupon issuance and mega deals further reflects issuers’ ability to secure growth capital under highly favorable terms.
With a healthy pipeline entering Q4, convertibles are poised to remain a vital financing tool amid shifting macroeconomic conditions.
Download the Full Report
Get the complete Q3 2025 market analysis, including regional breakdowns, sector insights, and a full list of the quarter’s top transactions.
Unlock Deeper Insight into the Global Convertibles Market
Discover how the Kynex-Integrated Platform for Convertible Bonds provides unmatched insights into convertible securities. Sign up for a FREE 14 day trial.
