Pareto Securities AS
23.10.2025 - 09:00:04Strong activity and global investor interest push primary Nordic Bond volumes to new records
| Issuer: Pareto Securities AS / Key word(s): Bond/Issue of Debt 23.10.2025 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. Frankfurt, October 23, 2025 – The Nordic high yield bond market delivered a record-breaking third quarter, with primary issuance volumes reaching €5.1 billion, up 52% year-on-year from €3.4 billion in Q3 2024. Year-to-date issuance now totals €17.6 billion, nearly matching the full-year record of €17.9 billion set in 2024. Growth was driven by strong international demand, a 32% share of private equity-backed issuers, and a continued rise in average deal size to €111 million. Primary activity included landmark transactions such as European Entertainment Group’s €585 million senior secured bond, the largest unrated PE-backed bond transaction in the Nordics to date. Non-Nordic issuers accounted for 36% of primary volume, underscoring the market’s deepening cross-border appeal. Notable transactions included Azerion’s €225 million senior secured notes (Netherlands, refinancing) and Muehlhan’s €250 million debut (Germany, refinancing and M&A), the largest Nordic bond by a German issuer to date. Germany’s presence in the Nordic market was further supported by debut bonds from BoldR (€110 million, automotive aftermarket), Dywidag (€90 million, specialist engineering) and JDC (€70 million, digital solutions for financial intermediaries). Momentum was reflected at the 2nd Pareto Securities’ Nordic HY German Issuers Investor Day on October 9 in Frankfurt, which brought together more than 140 participants for presentations, panel discussions, and insights into Nordic bond issuance processes. The Nordic market continues to outpace European and U.S. peers on a relative basis, supported by its flexible issuance framework, efficient execution, and a broadening global investor base. With year-to-date volumes already near record levels, the market is on track to deliver another historic year. For further insights, please refer to our full Q3 2025 Nordic High Yield Market Newsletter. About Pareto Securities Founded in 1986, Pareto Securities is headquartered in Norway and has offices in Denmark, Finland, Sweden, Germany, the UK, Switzerland, the US, Singapore, and Australia. Pareto Securities has a leading position in the Nordic financial markets and a strong international presence. Pareto Securities offers a wide range of financial services, including equity and fixed income brokerage, equity, debt and project finance, and advisory services related to mergers and acquisitions and restructuring.
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