Global Debt Report 2026
Sustaining Debt Market Resilience Under Growing Pressure
Global debt markets are navigating a difficult terrain. Geopolitical tensions, trade disputes, and an uncertain macroeconomic environment are adding pressure to already stretched markets. But debt markets have been resilient so far. This stability, however, masks deeper structural developments. The cost of long-term borrowing has risen, and the resulting shift in issuance towards shorter maturities increases refinancing risks. The growing role of more price-sensitive investors may also make debt markets more vulnerable to shocks. Their future resilience is therefore not guaranteed. This is particularly important as the scaling of AI and growing defense spending are expected to further increase borrowing from the markets.
These challenges must be carefully managed to ensure that sovereign and corporate bond markets, with a combined size of USD 109 trillion, continue to provide stable financing to governments and corporations. The 2026 Global Debt Report aims to support efforts to sustain the resilience of debt markets.
This is the third edition of the OECD’s annual Global Debt Report. It analyses global sovereign and corporate bond market trends, using a combination of OECD datasets and surveys, as well as public and commercial market data. This edition includes two standing chapters on sovereign borrowing (Chapter 1, the Sovereign Borrowing Outlook) and corporate debt markets (Chapter 2), alongside a thematic chapter on the investor base for government and corporate bonds (Chapter 3). The report does not cover supranational or sub-sovereign bond markets.
Chapter 1 analyses sovereign bond market developments from 2007 to 2026 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 market liquidity. This chapter draws on responses to the OECD 2025 Survey on Primary Market Developments, the OECD 2025 Survey on Liquidity in Government Bond Secondary Markets, and the 2025 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.
Chapter 2 studies developments in global corporate debt markets (bonds, syndicated loans, and private credit) for both financial and non-financial companies. The chapter focuses on explaining the drivers of movements in corporate credit spreads, the impact of the AI expansion on corporate debt markets, and whether recent developments have made corporate debt markets more equity-like in character.
Chapter 3 analyses the investor base for sovereign and corporate bonds from 2007 to 2026. It looks at changes in holdings at an aggregate and regional level, the drivers of these changes, and the implications for issuers and broader market dynamics. The chapter draws on responses to the OECD 2025 Survey on Liquidity in Government Bond Secondary Markets and the OECD 2025 Questionnaire on Pension Fund Holdings of Debt Securities. It also benefits from the contributions of members of the OECD Working Party on Debt Management.
