Global secondary issuance was up 16% year-on-year (YoY) on a three-month rolling basis in December 2025, with the US dollar’s share of the pie declining.
In December 2024, US dollar-denominated secondary issuances represented 64% of global volumes. In 2025, this fell to 55%. The euro, by contrast, rose modestly from 9% to 12%.
A decline was also seen in Indian rupee-denominated secondary issuance volumes, dropping from US$3.37 billion (7% of global total) in December 2024 to US$2.91 (5%) in 2025. Over the same timespan, primary issuance in the currency increased.
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The largest accelerated book building issuance of the month was from Spanish energy group Naturgy, measuring US$2 billion. US private safety company UL Inc followed with US$1.1 billion, trailed by Santander Bank with US$473.6 million.
In terms of secondary capital raising, Australian data centre business IREN took the lead with its US$1.6 billion issuance. Second and third place were US financial services provider SoFi Technologies with US$1.5 billion and technical component manufacturer ITT Inc with US$1.3 billion. Indian retailer Bundl Technologies was the fourth and final company to issue more than US$1 billion in secondary capital, with US$1.1 billion.
So far this year, the largest accelerated book builds have come from US aerospace firm StandardAero (US$1.8 billion) and Chinese drug development technology provider WuXi Biologics (US$741 million).
Of the 11 secondary offerings year to date, seven are from US companies. USA Rare Earth leads the way with a US$1.5 billion offering, followed by roofing product distributor QXO (US$753 million) and biopharmaceutical company Praxis Precision (US$661.4 million).
Across venues, in 2026 so far NYSE leads the pack with a 29.1% share of secondary issuance volumes (US$22.85 billion) followed by Nasdaq with 27.9% (US$21.93 billion).
USD Volume · by Exchange Group · since 2025-12
Outside of the US, European exchanges have only made it to seventh place globally – SIX Group has a 3.5% share with US$2.75 billion. It is followed by the Warsaw exchange, which currently holds 2.6% with US$2.06 billion.
