Global Debt Report 2026

Global debt markets face increasing pressures from sustained fiscal deficits, rising interest costs and investment needs, a structural decline in long term demand, and growing refinancing risks as the maturity of issuance shortens. Even so, public and private borrowing reached record levels in 2025 and markets show surface-level calm with improvements in liquidity, moderating volatility and compressing corporate credit spreads. Yet structural shifts, including the emergence of a new investor base, are transforming markets with new risks building, potentially challenging the current resilience. The third edition of the Global Debt Report analyses the latest trends in global sovereign and corporate debt markets up to the end of 2025, with a special focus on the shifting investor base, exploring the drivers and implications of these shifts.