Global Government Bond Issuance via Banks Hits Record $504B in H1 2026
Syndicated government bond sales surged to $504 billion in the first half of 2026, a record high that surpasses even the emergency borrowing of early 2020. Italy, Germany, the UK, Belgium, and Serbia led with their largest-ever deals.
Global government borrowing reached unprecedented levels in the first half of 2026, with syndicated bond issuance — bonds sold through bank offerings rather than regular auctions — hitting a record $504 billion. This marks the fourth consecutive annual increase and exceeds the pandemic-era peak in H1 2020.
The method is especially common in Europe. The US is excluded because Treasury issuance relies solely on direct auctions. Among borrowers, Italy raised the most at roughly $81 billion year-to-date, followed by Germany at about $16.1 billion. The UK, Belgium, and Serbia each priced their largest government bond deals ever.
The data points to a deepening global debt burden, with no immediate signs of easing.
Source: The Kobeissi Letter