The European Securities and Markets Authority (ESMA) has released its latest quarterly liquidity assessment for bonds traded on EU trading venues. This assessment identifies 1,346 bonds as liquid and subject to MiFID II transparency requirements. ESMA bases this evaluation on quantitative criteria, including daily average trading activity and the percentage of days traded per quarter. The bond market liquidity assessments are updated quarterly, with potential for further adjustments based on submitted data corrections. The complete list of assessed bonds is accessible via ESMA's Financial Instruments Transparency System (FITRS) and its Register web interface. ESMA also publishes two completeness indicators pertaining to bond liquidity data. The transparency requirements for these currently liquid bonds will take effect from August 18th to November 16th, 2025. These application dates align with the provisions of RTS 2.