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SSA issuance is likely to increase in 2023, but so too will demand as higher yields draw in more buyers. However, the transition away from central bank support means borrowing will be far from straightforward. By Addison Gong.

Public sector borrowers have faced a changed market in 2022. As rates — and market volatility — have risen and central bank support has retreated, this elite group of borrowers has had to face up to the reality that there are no longer any easy deals, as analysis of proprietary data reveals. By Ralph Sinclair.

The next 10 years will be a period of intense change for multilateral development banks. The demands on them, already high, are set to multiply as climate change worsens. The system as it is cannot bear much more load. Reform is coming. As Jon Hay reports, it will be difficult, but could unleash great innovation and a more co-operative, efficient sector.

An unvarying supply of senior bonds has been the multilateral development banks’ contribution to capital markets for many years. As Jon Hay reports, that is about to change. As they strive to optimise their balance sheets, risk sharing will proliferate and the first hybrid capital issues should appear. There may even be public equity issuance. If all these techniques work, they will also trigger a big increase in senior bond sales.

Triple-digit rises in swap rates across the curve propelled the Swiss franc bond market to its busiest year since 2014. With swaps firmly in positive territory, Swiss franc dealers are confident investors will flock back to fixed income products in 2023. By Frank Jackman.

After years or low issuance volumes, covered bonds had a stellar 2022. But although the year’s performance has left the market in an optimistic mood overall, the war in Ukraine, inflation, recession and falling house prices mean few participants are taking 2023 for granted, as our covered bond market survey shows. By Bill Thornhill.

After unexpectedly strong issuance of unsecured bonds in November, European banks have pre-funded for 2023, in anticipation of it being a year for refinancing across most, but not all, of the debt capital structure. Which asset classes are banks set to focus on? Atanas Dinov reveals GlobalCapital’s survey findings.

Financial institutions have grappled with an increasingly expensive primary bond market in 2022. As interest rates continue to climb and investors demand more spread for their cash, how much will banks have to pay up to play in the primary markets in 2023? By Frank Jackman.

This year was a tough one for European investment grade corporate borrowers in the bond market, but there is plenty of optimism that 2023 will be easier. Mike Turner surveyed senior corporate bond bankers across Europe to get their thoughts.

Nimbleness was the name of the game for Europe’s high grade corporate bond issuers in 2022, as war, inflation and the end of quantitative easing transformed the market. High inflation means a large chunk of 2023 will be the same, but corporate funding chiefs hope the latter part of next year could provide excellent opportunities for issuance. Mike Turner reports.

Investment grade corporate issuers have had to offer increasing amounts of spread to entice investors into their bonds as markets adjust to a new world of looming recession, soaring inflation, lower central bank support and higher interest rates. By Ralph Sinclair.

The EMEA syndicated loan market has weathered the roughest year for capital markets since 2009 in decent shape. Even battered leveraged finance is working. But lenders are ambivalent on whether 2023 will bring a modest recovery or worse strains. As Marta Imarisio reports, the one bright spot is the ever-growing emphasis on ESG.