标普全球：2026年债务市场趋势展望报告（英文版）

Corporates maintained unfettered access to capital in the US public debt markets through the first three quarters of 2025, overcoming headwinds from US tariff uncertainty, heightened geopolitical risk and persistent inflation. US investment-grade issuance in September reached $200 billion, surpassing the previous record of $170 billion in September 2024. Total US issuance through the third quarter 2025 was 3% higher year over year at $1.63 billion. To date, there have been no signs of tariff-