After a strong Q3, the last quarter of 2025 saw volumes ease and issuance normalise. Market activity points to consolidation rather than weakness, with selective allocations, increased index exposure, and continued issuer concentration shaping the quarter.
Despite lighter seasonal activity, Germany’s market ended 2025 showing resilience, with cautious structuring and steady capital flows underpinning overall stability. Total sales reached €4.20 billion (US$4.54 billion) in Q4 2025, down from €4.77 billion in Q3. That represents an 11.9% quarter on quarter decline. The shift is partly driven by typical seasonal patterns.. Q4 often sees reduced activity due to balance sheet management, holiday effects and deferred allocations into t