The GlobalCapital survey of heads of debt capital markets 2023
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The GlobalCapital survey of heads of debt capital markets 2023

GlobalCapital asked the heads of debt capital markets at over 50 of the top bond houses where they saw threats and opportunities for 2024. Geopolitics are once again at the top of the worry list but so is retaining junior staff. Overall, however, Toby Fildes and Ralph Sinclair, discovered an optimistic tone, no doubt helped by the pervasive belief that interest rates are at or near their peak

Survey - Text on Vintage Pocket Watch. 3D.

What is your prediction for EMEA primary bond markets in 2024?

Volumes

Fees

Spreads

Maturities

Which products are you most optimistic and pessimistic about for 2024, by volume?

Respondents could vote for as many choices as they wanted

Thinking about 2023 compared with 2022, how has the rate at which competitors have poached or attempted to poach your staff changed?

Increased sharply  Somewhat increased Stayed the same Somewhat decreased Decreased sharply 

For MDs and directors

For associates and analysts

Do you expect your business to make more or less money in 2024 than in 2023?

Do you expect your MDs and directors to be paid more or less in 2024 than in 2023?

Overall, will there be more or fewer people working for you by the end of 2024 than now?

How will the US and European central banks change monetary policy in 2024?

Which sectors of the market will have the most exciting technological developments?

Answers are measured in points, not votes. Respondents could rank their top three. We have assigned each choice 3pts when it was selected as first preference, 2pts when selected as second, and 1pt when selected third

Which banks do you expect to gain and lose market share in EMEA DCM the most in 2024?

Answers are measured in points, not votes. Respondents could rank their top three. We have assigned each choice 3pts when it was selected as first preference, 2pts when selected as second, and 1pt when selected third.

How many bank mergers (announced or complete) can we expect to see in 2024 that will involve a top 25 bookrunner bank?

Which financial centres will continue to benefit most from Brexit?

Answers are measured in points, not votes. Respondents could assign 0pts-4pts to each location, with 4pts denoting the biggest benefit

Has your bank sought to take market share from Credit Suisse in the wake of its demise this year?

Which of the following risks to DCM in 2024 are the most likely, and which would have the most severe impact?

Most likely Most severe impact

How does your travel for work compare to before the pandemic?

What reasons for travel are now easier or harder to do, or get approval for?

How are issuers’ interactions with investors changing?

What is the biggest burden on doing business?

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