Getting ahead of European and US summer holidays
Many issuers may issue in June – ahead of European and then US summer quiet periods.
Higher risk of waiting may amplify the effect for 2026
This might be amplified over previous years if issuers see the risk of waiting until after summer (or during thinner liquidity during summer) as higher than usual because of higher oil prices, inflation, politics ahead of elections, and other risks this year.
Late July to early September quiet
Markets become largely closed for new issuance from late July to early September. As we get closer to the start of that period, the number of accounts available to participate in deals usually falls.
EMEA – mid-July to mid-September
The slow period is usually longer in Europe and the UK than in the US.
In EMEA, the slow period starts around mid-July and runs to mid-September (2 months).
US – most of August
In the US, July is often still highly active after corporate earnings are released – and the first week of August is generally also open. The largely closed period runs for the remainder of August and runs until right after Labor Day (Labor Day falls on the first Monday of September – 7th September this year).
APAC less affected
APAC is less affected by summer holidays for local markets (with APAC’s slower period being during Chinese New Year) – but international deals (G3 bonds) generally still slow down to align with US and European investors being out.
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