Tracking the pulse of sustainable finance: GSSS bond trends at Euroclear

As a cross-border Financial Market Infrastructure (FMI), Euroclear enables and facilitates the connection of issuers and investors around the world through activities such as cross-border payments, settlements and collateral management. 

Our mission is to support and enable a sustainable financial marketplace, while limiting our impact on the environment, providing an equitable and inclusive workplace and conducting business in an ethical and responsible way.

Did you know that in 2025, over EUR 384 billion in Green, Social, Sustainability and Sustainability-linked (GSSS) bonds were issued through Euroclear Bank?

By the end of the same year, EUR 1.68 trillion in GSSS bonds were held under Euroclear Bank’s custody.

After the significant growth seen in 2024, the 2025 growth rate reflects a more stabilised trajectory, suggesting that the market is moving beyond its rapid expansion phase and approaching maturity.

The value of GSSS bonds issued via Euroclear Bank increased by 13% in 2025, reaching EUR 384 billion. While issuances continued to grow, the pace has moderated compared with previous years. This is mainly due to a noticeable slowdown in sustainability bond issuance, which doubled in 2024 but rose by only 5% in 2025, alongside a significant 43% decline in sustainability-linked bonds. In parallel, green bond issuance continued to expand at a relatively strong pace – increased by 22% in 2025 compared with 30% in 2024. Social bonds also regained momentum, rising by 18% in 2025 after experiencing a decline in 2024.

An increase in value of GSSS bonds under custody

The value of GSSS bonds under custody increased by 8%, amounting to 1.68 trillion by the end of December 2025.

Green bonds lead GSSS growth

Green bonds under custody recorded the strongest growth amongst the GSSS bond classes in 2025, increasing by 11% compared with 2024, while social bonds declined by 1%.

Green bonds remain the dominant class of GSSS bonds

Green bonds constitute over half of the GSSS bond under custody, with sustainability bonds following in quantity. 

GSSS bonds by issuance jurisdiction: Over 50% in Eurobond

Over half of the GSSS bonds under Euroclear Bank’s custody were issued through the international structure, i.e. Eurobond, followed by issuances under French and US. jurisdictions, each accounting for approximately 10% of the assets.

Top 5 issuer types: GSSS bonds under custody are increasing across various issuer categories

GSSS bonds under custody continued to rise across all the issuer categories although the pace slowed down significantly. GSSS bonds issued by supranational still took the lead in terms of issuance value. GSSS bonds issued by municipalities grew the most with a 15% increase while the ones issued by sovereigns grew by 10% in 2025.

5 currencies: EUR, USD and GBP taking the lead

GSSS bonds per currency

The euro remained by far the leading currency for GSSS bonds under Euroclear Bank’s custody, followed by US dollar and British pound. However, US dollar denominated GSSS bonds declined by almost 9%. GSSS bonds denominated in currencies such as the Brazilian real and Colombian peso more than doubled in 2025 – increasing by 106% and 103% – leading them to exceed EUR 1 billion in assets held within Euroclear Bank.

Top 15 currencies in 2025: EUR, USD, GBP, SEK, AUD, PEN, NOK, MXN, CAD, CNY, HKD, INR, NZD, DKK and CLP.

Notably, Chilean Peso entered the top 15 currencies.  

GSSS bonds under custody by issuer region: over 70% from European issuers