Scotiabank Market Points 2026 Debt Capital Markets Outlook
Feb 11, 2026
Fadi Attia, Managing Director and Head of U.S. Debt Syndication at Scotiabank, offers expert analysis on U.S. issuance drivers and market technicals. He discusses record 2025 issuance, forecasted 2026 supply from hyperscalers, M&A and refinancing. Conversation covers curve shifts, investor cashflows, tight spreads despite heavy supply, and practical advice for timing and execution in 2026.
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Record Supply Met By Strong Technicals
- 2025 set a record with $1.65T of U.S. investment-grade supply driven by strong technicals.
- Investor inflows of about $190B created demand that compressed spreads despite heavy issuance.
2026 Poised For Even Larger U.S. Issuance
- Scotiabank forecasts even larger U.S. supply in 2026 at about $1.85T driven by hyperscalers, M&A and large refinancing needs.
- Hyperscalers alone may issue $175–200B and M&A could add roughly $250B, making supply front-loaded and diverse.
Canada Off To A Strong Start
- Canada looks set for a robust year with ~C$150B expected, a near-record after C$163B in 2025.
- January 2026 already posted an all-time record for Canadian January supply, signalling early momentum.