The Future of Global Debt Issuance: 2025 Outlook
A Clearstream-commissioned study produced by Aite Group shows that the issuance landscape of 2025 and beyond is set to be as dynamic as ever and T2S will play an important part in altering the European landscape for issuance.
The European platform for centralised settlement of securities, TARGET2-Securities (T2S), offers a host of benefits to the issuing community and will alter the European issuance landscape. Coupled with the EU Central Securities Depository Regulation (CSDR), which aims to bring central securities depositories onto a level playing field, issuance is set to become more cost-effective, efficient and standardised.
The anticipated T2S benefits for issuance include cost and efficiency savings due to the ability to issue a range of domestic securities at single CSDs rather than at each national CSD. An auto-collateralisation function can in addition enable issuers and investors to reduce their needs for cash or credit lines.