ING Urges Borrowers to Seize 2026 Credit Windows as Rates Rise 70 Basis Points

4 articles · Updated · The DESK · May 22

ING said 2026 credit markets remain open despite Middle East conflict, urging borrowers to issue when demand appears because timing, preparation and selectivity now matter more than ever.
€120 billion of debt was printed in the first week of January, and issuance recovered from mid-April as spreads, investor feedback and new-issue premiums moved back into "green territory."
70 basis points of short-end rate increases and 4%-plus investment-grade yields have drawn sticky demand from insurers and pension funds, while strong earnings have so far kept defaults contained.
ING said the main threat is faster inflation and central banks falling behind the curve, with higher US PPI and some Asian rate hikes raising stagflation concerns at the market's edges.
ING expects financing in 2026-27 to stay selective rather than volume-driven, with large-cap deals, AI-linked data-centre funding and multi-currency issuance shaping the market.

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