This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 29, 2026--Global bond issuance has risen strongly in 2026 despite challenges across every major asset class (see"Global Credit Markets Update Q4 2026: Increasing risks imperil positive momentum ,"published today on RatingsDirect). Global corporate rated bond issuance accelerated through Sept. 30 to a multiyear high, at 19% above the same period in 2025. Investment-grade issuance drove growth, with AI capital spending, mainly in the U.S., being a key contributor. North America’s share of global issuance rose five percentage points to nearly 60%. We expect this broad-based growth to continue through year-end, with the total rising 12% to $11.7 trillion. Overall, rating activity fell more than
