This report does not constitute a rating action. Chart 1 Table 1 Global issuance summary and forecast (Bil. $) Nonfinancials* Financial services Structured finance U.S. public finance International public finance Annual total 2022 1,952.6 2,716.0 1,183.1 389.3 1,066.7 7,307.57 2023 2,244.7 2,797.3 1,069.4 383.7 1,218.0 7,713.14 2024 2,829.8 3,293.8 1,323.8 512.8 1,357.3 9,317.38 2025 3,352.3 3,575.9 1,451.0 585.6 1,446.1 10,410.89 YTD 2025 2,592.3 2,812.2 1,047.7 440.1 1,194.7 8,086.96 YTD 2026 3,008.9 3,103.7 1,296.5 473.8 1,239.3 9,122.25 2026 forecast (YOY % change) 14 11 20 8 5 12.20 2026 ranges (%) 9-19 7-15 15-25 5-10 0-9 7.7-16.6 2027 forecast (YOY % change) 4.5 3.5 -7.0 4.0 7.0 2.7 2027 ranges (%) -2 to 10 -1 to 8 -14 to 0 0