The issuance of syndicated euro benchmarks from sovereign, supranational and agency issuers (SSAs) increased 6.6% by volume year-on-year in the first five months of 2025, according to data from GlobalCapital’s Primary Market Monitor. The outbreak of the Iran war at the end of February led to a notable drop of 28% in March versus the same month in 2025. But issuers caught up in April and May, when issuance surged nearly 23% compared to the same period in 2025.