The Deforestation Debt Universe currently comprises 119 issuers that have collectively issued more than USD1.6trn of hard-currency debt. In 2025, companies within this universe issued just over USD191bn equivalent across 316 securities, with a weighted average maturity of approximately nine years. Issuance was concentrated among investment-grade borrowers and predominantly denominated in USD and EUR.
We analyse the sectoral and rating distribution of this supply, identifying trends in currency composition and benchmark exposure that are relevant for portfolio construction and engagement strategies.
We also assess the role of financial intermediaries in facilitating capital market access. Estimated syndication fees generated by banks from bond and loan issuance within the universe came to approximately USD1.08bn in 2025. We compare banks’ relative exposure to deforestation-linked activity and scrutinise the scope and comprehensiveness of their public deforestation policies, highlighting gaps across segments of the value chain.
The report then describes updated outputs from our ‘Bond Horizon’ tool, which applies quantitative methods to estimate the probability of near-term issuance by individual issuers. By identifying companies most likely to access the primary market in the coming months, the tool is intended to support fixed income investors in prioritising engagement at moments of refinancing or capital raising.
