Global Debt Report 2024
Bond Markets in a High-Debt Environment
The Global Debt Report examines sovereign and corporate debt markets, providing insights into current market conditions and associated policy considerations, including possible financial stability risks. This first edition consolidates the Sovereign Borrowing Outlook, previously a separate OECD publication, and introduces new chapters on corporate bond markets and sustainable bonds.
Chapter 1 provides an overview of sovereign borrowing globally and an outlook for OECD countries, with a focus on the impact of recent developments in funding conditions and changes to the investor base. Chapter 2 explores global corporate bond market dynamics, build-up of risks and vulnerabilities and the impact of a changing macrofinancial landscape. Chapter 3 looks at trends in global sustainable bond markets and discusses policy considerations such as the sustainability premium, the roles of service providers and market liquidity.
Also available in: French
Executive summary
Bond financing has grown alongside expansionary monetary policies, in particular quantitative easing, since the 2008 global financial crisis. This trend is broad-based, from sovereign issuers responding to increased public spending needs in both advanced and emerging economies, to financial and non-financial corporations across the world. A favourable funding environment post-2008 has opened bond markets to a wider range of issuers, including lower-rated governments and companies, expanding into riskier market segments. It has also contributed to the emergence of the sustainable bond market. The total volume of sovereign and corporate bond debt globally at the end of 2023 was almost USD 100 trillion, similar in size to global GDP.
Also available in: French
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