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.  

FAQ: Convertibles Q4 Report

1. What was the total convertible bond issuance globally for Q4 2025?

Q4 2025 recorded $41.7 billion in convertible issuance across 59 deals, with an average deal size of $707 million. This represents a 20 percent increase from Q4 2024's $34.8 billion, demonstrating robust market momentum.

2. What was the total convertible issuance for full-year 2025?

Full-year 2025 issuance totaled $167.1 billion across 264 deals, marking a landmark year for convertible financing. The quarterly breakdown shows Q1 at $25.3 billion, Q2 at $50.7 billion, Q3 at $49.4 billion, and Q4 at $41.7 billion.

3. Which quarter in 2025 saw the highest convertible issuance?

Q2 2025 led the year with $50.7 billion in issuance, followed closely by Q3 at $49.4 billion. This mid-year surge reflects seasonal capital markets cycles and accelerating demand from technology and renewable energy sectors.

4. What is the geographic breakdown of Q4 2025 convertible issuance?

North America dominated Q4 with 45 deals totaling $36.0 billion (86 percent of quarterly volume). APAC contributed 9 deals worth $4.2 billion, while EMEA recorded 5 deals valued at $1.6 billion. North America's concentration reflects its superior capital markets infrastructure and high-growth technology base.

5. How rapidly is the APAC convertible market expanding?

APAC issuance nearly doubled from Q2 to Q3 2025, increasing from $6.2 billion to $11.6 billion. This accelerating trajectory reflects growing sophistication among Asian issuers and investors, positioning APAC for a significantly expanded share in 2026.

6. Which sector led convertible issuance in Q4 2025?

Information Technology dominated with $13.5 billion across 15 deals, driven primarily by AI infrastructure companies and cloud computing platforms. This reflects investor enthusiasm for equity upside in rapidly scaling technology businesses.

8. Who executed the largest convertible deal in Q4 2025?

CoreWeave led the market with a $2.6 billion convertible issuance, capitalizing on massive investor demand for GPU cloud infrastructure serving the AI industry. This was followed by Bloom Energy at $2.5 billion.

9. How many convertible deals exceeded $1 billion in Q4 2025?

Twelve companies executed convertible issuances exceeding $1 billion: CoreWeave ($2.6B), Bloom Energy ($2.5B), Southern Company ($2.0B), Check Point ($2.0B), Zoetis ($2.0B), Live Nation ($1.4B), Galaxy Digital ($1.3B), BWX Technologies ($1.25B), Wistron ($1.2B), AST SpaceMobile ($1.15B), CleanSpark ($1.15B), and Iren ($1.15B).

10. What are zero-coupon convertible structures and why are they prevalent in Q4?

Zero-coupon convertibles carry no periodic coupon payments and accrue value to maturity. They became dominant in Q4 because they minimize near-term cash outflows for issuers and align investor return expectations with equity appreciation. This structure is especially attractive for high-growth AI and technology companies.

11. Which companies are repeat issuers in the convertible market during 2025?

Iren, Live Nation, and CleanSpark are notable repeat issuers, each returning to the convertible market multiple times within 2025. This pattern signals growing market acceptance and issuer confidence in convertibles as a recurring capital-raising tool.

12. What is the maturity wall and how will it affect convertible issuance in 2026?

A maturity wall refers to a concentrated volume of debt obligations maturing in a narrow time window. The 2026-2027 convertible maturity wall will force refinancing activity and sustain elevated issuance levels as companies restructure maturing positions.

13. What is the 2026 US convertible market outlook?

The US market is projected to see convertible issuance between $80 billion and $100 billion in 2026. Key drivers include the maturity wall refinancing, ongoing M&A financing needs, continued prevalence of zero and low-coupon structures, and APAC capturing an expanding geographic share.

14. What factors will drive convertible issuance growth in 2026?

Four primary drivers will shape 2026: a substantial maturity wall spanning 2026-2027 forcing refinancing; M&A funding demand as acquirers seek capital-efficient structures; persistence of zero and low-coupon formats optimizing capital efficiency; and APAC's expanding role as the region matures as both issuer and investor market.

15. How can institutions navigate the complexity of the 2025-2026 convertible market?

Professional-grade convertible analytics platforms like Numerix Kynex are essential to navigating the current and future convertibles market. With 264 deals spanning multiple sectors and geographies, plus dominant zero-coupon structures requiring sophisticated valuation, institutional desks need real-time pricing, comprehensive terms-and-conditions coverage, scenario analysis, and a Single Name API for workflow integration. Kynex serves 200+ global clients and covers 99 percent of convertible structures with 24/7 T&C updates.