In the first half of 2026, global government banks underwrote $504 billion in treasury bond issuances.

According to The Kobeissi Letter, the volume of global government bonds issued through bank underwriting channels in the first half of 2026 reached $504 billion, setting a new historical record. This statistic does not include regular bond auctions or US Treasury bonds. Italy raised $81 billion through bond issuance, Germany raised $16.1 billion, and the United Kingdom, Belgium, and Serbia all completed the largest government bond pricing issuances in their respective histories.