This is the second edition of the OECD’s annual Global Debt Report. It examines developments of global policy relevance in sovereign and corporate bond markets. The report includes two standing chapters on sovereign borrowing (Chapter 1, the Sovereign Borrowing Outlook) and corporate debt markets (Chapter 2), and, this year, two thematic chapters on sovereign bond markets in emerging market and developing economies (Chapter 3) and debt financing for the climate transition (Chapter 4). The report draws from unique OECD data as well as original analyses of commercial and publicly available data.
Chapter 1 analyses sovereign bond market developments during the period from 2007 to 2025 with a focus on OECD countries. It looks at borrowing requirements and funding strategies; debt-to-GDP ratio dynamics; borrowing costs and yield curve shapes; interest payments and refinancing risks; and the effects of quantitative tightening on the investor base and market liquidity. This chapter draws on responses to the OECD 2024 Survey on Primary Market Developments, the OECD 2024 Survey on Liquidity in Government Bond Secondary Markets, and the 2024 annual survey on the borrowing needs of OECD governments. It also benefits from the contributions of members of the OECD Working Party on Debt Management. The chapter does not cover supranational or sub-sovereign bond markets.
Chapter 2 studies dynamics in corporate debt markets in light of ongoing macro-financial developments. It covers recent trends in corporate borrowing from markets and looks at shifts in the globalisation and concentration of corporate bond markets. The chapter aims to identify globally relevant issues for corporate access to finance, financial stability and market functioning.
Chapter 3 analyses sovereign bond markets in emerging market and developing economies amid tighter monetary conditions, with a focus on low and lower-middle income countries. It is based on central government bond debt data, and examines issuance trends, borrowing costs, foreign market access and credit rating developments, concluding with an outlook.
Chapter 4 examines the financing needs for transitioning to a low-carbon economy, focusing on corporate debt. It aims to identify changes needed in corporate debt markets to enable companies in the energy sector to undertake the investments necessary for the climate transition. While the analysis is global, there is particular emphasis on the role of capital markets in mobilising climate finance in emerging market and developing economies.
Comments and questions should be addressed to the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs by e-mail at GlobalDebtReport@oecd.org.