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 investo...