Global debt markets have played a key role in supporting the recoveries from the 2008 financial crisis and COVID-19 pandemic, continuously providing capital to governments and companies. But their role needs to shift from supporting recovery to financing investment and growth. This will be a challenge. Debt levels are already high and increasingly costly, economic growth is slowing, and geopolitical risks are rising. The report analyses the latest trends in global sovereign and corporate bond markets up to end 2024. It also looks at sovereign borrowing in emerging markets and developing economies and assesses how debt markets could help finance the climate transition.