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Securities Lending Market Report | H2 2025

In the corporate bond space, while sovereign yields rose, credit spreads tightened as risk appetite reduced. For securities Fig 6 - Top 10 European Special Issues 7
lending, as seen in Figure 4, Global Corporate Bond Lendable and On-Loan, balances fluctuated across the year due to
political uncertainty, with on-loan positions of $350 billion slightly weighted towards non-cash collateral depending on
timings. As expected, trades vs non-cash collateral remained relatively stable when compared to those versus cash, where No Name Security Country Industry Group Revenue ($m)
balances dropped at key reporting times and accounted for 40-51% of total balances over the year. The comparison of cash
vs non-cash trades can be seen below in Figure 5 Global Corporate Bonds Cash vs Non-Cash. WORLDLINE SA/ WLNFP 4 1/8
Revenues in H2 matched those of H1, delivering $516 million for securities lending across the period and pushing total 1 FRANCE 09/12/28 FRANCE Commercial Services 7.25
6
annual revenue to just over $1 billion . Despite a 12% increase in lendable assets and a 5% year-over-year rise in utilization,
overall returns were modest because average fees fell 12% to 27 bps.
2 SES SA SESGFP 2 7/8 PERP LUXEMBOURG Telecommunications 4.35

Fig 4 - Global Corporate Bond Lendable and On-Loan SESGFP 5 1/2
3 SES SA LUXEMBOURG Telecommunications 4.00
Global Corporate Bonds Lendable and On-Loan 09/12/54

4.70 380.00 4 TELEPERFORMANCE RCFFP 5 3/4 FRANCE Computers 3.75
Lendable Value (Trillions €) 4.50 360.00 On-Loan Value (Billions €) 5 ADLER PELZER PELHOL 9 1/2 GERMANY Auto Parts & 2.75
11/22/31
4.60
370.00
4.40
350.00
04/01/27
HLDG GMBH
Equipment
4.30
330.00
320.00
4.20
Holding Companies-
PROGRP 5 3/8
6
2.25
GERMANY
PROGROUP AG
4.10
4.00
300.00
WLNFP 5 1/2
Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 310.00 WORLDLINE SA/ 04/15/31 Divers
7 FRANCE Commercial Services 2.25
Group Lendable On-Loan Balance FRANCE 06/10/30
SESGFP 6
Two prominent names traded special in 2025 and both in the French market. Worldline SA, the French payments processor 8 SES SA 09/12/54 LUXEMBOURG Telecommunications 2.00
saw its equity price going down 81% year-over-year. Three corporate debt issuances make it into the top 10 European
specials with a total return of $11.5 million over the year. The other, Teleperformance, a digital business service company RCFFP 4 1/4
with wide technological offerings for industries worldwide. Short interest increased in January as investors remain wary 9 TELEPERFORMANCE FRANCE Computers 2.00
of the firm’s ability to compete with new AI technology. Figure 6 Top 10 European Special Issues highlights the top Issues 01/21/30
trading special in 2025.
WORLDLINE SA/ WLNFP 5 1/4
10 FRANCE Commercial Services 2.00
Fig 5 - Global Corporate Bonds Cash vs Non-Cash FRANCE 11/27/29
Global Corporate Bonds Cash vs Non-Cash 200.00
On-Loan vs Cash (Billions €) 250.00 190.00 On-Loan vs Non-Cash (Billions €)
195.00
200.00
185.00
180.00
150.00
175.00
100.00
170.00
165.00
160.00
50.00
0.00
150.00
Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 155.00
Group Balance vs Cash Group Balance vs Non Cash 6. Source: Figures from S&P
7. Source: Compiled by BNP Paribas from DataLend / S&P