Markets Mindset: Q4 2025 Debt Capital Markets: A Supply Driven Market

Debt Capital Markets have seen a period of record-breaking supply post-Labor Day, particularly around the AI and AI adjacent space and the recent flurry of U.S. data center transactions.As we approach the end of the year with full-year issuance up 9% on gross supply this year and trillion-dollars maturing next year, what should issuers be aware of as they plan their next moves?In our latest episode of Markets Mindset, filmed on November 24, 2025, Mizuho’s Head of Investment Grade Capital Markets and Syndicate, Victor Forte, is joined by Moshe Tomkiewicz, Head of Investment Grade Debt Capital Markets, for a discussion on DCM activity, including the impact of the current supply, recent spread levels, view on duration, expectation of Fed decision on rates and early 2026 market predictions.Victor and Moshe share insights on the recent pace of long-dated bonds supply, whether there is elevated tail risk within the credit market, the increase in money market funds and how hybrid capital is being used within M&A.Hear from our experts as they give their market predictions for the remainder of Q4 and heading into next year.