Global Debt Report 2026

OECD

Research

160 Pages

Borrowing by governments and companies from debt markets was at historic highs in 2025, reaching $27 trillion, and is set to rise to $29 trillion in 2026. Despite rising levels of debt and a series of shocks in recent years, debt markets have been resilient. But pressure on debt markets is growing and it will continue to test their resilience.

Key Takeaways

$29 Trillion: The record amount governments and companies are projected to borrow from bond markets in 2026 ‑ 17% more than in 2024.
78%: Share of borrowing by OECD governments in 2026 that will go to refinance existing debt.
$1.2 Trillion: Expected corporate bond issuance by 9 major AI players to fund capital expenditure needs in 2026-2030.
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