Global Convertibles Issuance: Q4 2025 Key Trends and Insights
Record-setting issuance signals a new era for equity-linked financing
The global convertible bond market closed 2025 with exceptional momentum. In Q4, issuance reached $41.7 billion, up 20% year-over-year, pushing full-year activity to levels not seen since the historic 2020–2021 surge.
Sustained investor demand, favorable market conditions, and growing issuer sophistication continued to drive activity across high-growth sectors. Technology, healthcare, renewable energy, and emerging issuers dominated late-year issuance, while billion-dollar transactions reinforced convertibles’ evolution from a niche instrument to a core corporate financing tool.
Q4 2025 Highlights
- $41.7B raised globally across 59 deals
- Average deal size: $707 million
- All top 10 deals exceeded $1B, reflecting strong institutional demand
- North America led issuance, with solid contributions from Asia-Pacific and Europe
- Technology remained the largest sector, fueled by AI-related growth
Key Market Themes
- Zero-coupon convertibles remained highly attractive, particularly for high-growth issuers seeking to minimize near-term cash interest.
- Broader sector participation signaled the continued mainstreaming of convertibles beyond traditional issuer bases.
- Repeat issuance and larger deal sizes reflected strong issuer confidence and sustained investor appetite.
Explore the data and trends shaping the global convertible market—and what they mean for issuers and investors alike. Download our market report now for detailed data and exclusive commentary on our outlook for the year ahead.
