The OECD published its Global Debt Report 2026, finding that global debt markets stayed resilient through 2025 despite geopolitical tensions and weaker growth prospects, even as governments and companies borrowed a record USD 27 trillion. The report expects total borrowing to rise further to USD 29 trillion in 2026 and flags increasing debt-servicing costs and a growing reliance on more price-sensitive and leveraged investors as potential sources of volatility. Across the USD 109 trillion global bond market, which the OECD estimates at 93% of world GDP, the report points to low volatility, improving liquidity and corporate spreads near historic lows, while also highlighting increasing vulnerabilities from changes in the investor base as central banks reduce balance sheets. In OECD countries, sovereign bond issuance is projected to reach USD 18 trillion in 2026, while outstanding debt is estimated to have risen to USD 61 trillion in 2025 and debt-to-GDP is projected to increase from 83% to 85% in 2026; in emerging markets and developing economies, sovereign market borrowing reached USD 4 trillion in 2025 and the debt stock rose to USD 14 trillion (30% of GDP). Corporate market borrowing hit USD 13.7 trillion in 2025, with outstanding corporate debt at USD 59.5 trillion, and the report links expected increases in corporate funding needs to capital expenditure for AI infrastructure, noting that nine major “hyperscalers” raised USD 122 billion in bond markets in 2025 and project cumulative capital expenditure of USD 4.1 trillion from 2026 to 2030.

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