Debt sales arranged by bankers across Europe have surged past €1 trillion for the year in the quickest time ever, even after the market briefly shut down following the Trump administration’s sweeping tariffs.

Issuance in Europe’s publicly-syndicated debt market reached the milestone on Tuesday, nine days quicker than the previous record set in 2024, according to data compiled by Bloomberg that captures euro, sterling and dollar reg S offerings. Multi-tranche corporate deals from Novo Nordisk A/S and Siemens this week have boosted the tally, with this month’s busy pace showing no signs of easing just yet.

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“The post Liberation Day freeze in issuance reminded everyone that market windows can be fleeting and now is a good time to access euro funding,” said Fabianna Del Canto, co-head of EMEA capital markets at Mitsubishi UFJ Financial Group Inc.

“If you look at how the trades have been absorbed by the market, the levels of oversubscription and how much they’ve tightened in secondary, it’s all speaking to a very well-functioning market,” Del Canto added.

Investors have put in orders for 3.69 times more bonds than available for sale this month, according to available data compiled and analysed by Bloomberg. Deals from the Federal Republic of Germany and a green bond from Eurofima saw demand outstrip supply by some of the highest ratios.

At least 26 borrowers offered deals in Europe’s publicly-syndicated debt market on Tuesday, including a five-part sale from Novo Nordisk that will partly refinance the company’s debt, according to a person with knowledge of the sale, who asked not to be identified because the information is private.

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Debt sales globally have been on a tear this year, even after US tariff announcements rocked global markets last month and caused a temporary debt market shutdown. Since then, sales have rebounded although some US borrowers opted to hold off on planned deals on Monday following Moody’s downgrade of the government’s credit rating.

©2025 Bloomberg L.P.