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After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.

After a year of war, rate rises, inflation and political pressures on the CEEMEA region, fixed income markets have been badly shaken. Citi and JP Morgan’s vice-like grip on the top of the primary market league tables remains, though others have been forced to question their commitment to the emerging market bond markets. Francesca Young reports.

Outflows from EM bond funds are not far off the $100bn mark in 2022, writes George Collard.

GlobalCapital’s survey of 13 Latin America DCM heads points to a recovery of sorts for the region’s bond market after its worst year since 2008. Corporate issuance is the biggest unknown, but the market’s fate appears to lie in the hands of the Fed. By Oliver West.

Although slowing loan origination is likely to lead to lower issuance of securitized products in the US, GlobalCapital’s survey of market participants shows some confidence that the worst of the volatility is over. But eyes will remain glued to the Federal Reserve for clues as to how conditions evolve. By Ayse Kelce.

Despite a fast start in January, with deals printing ever tighter, 2022 ended up being a tough slog for the European securitization market. Looking to the year ahead, there is a feeling of cautious optimism among market participants. By Tom Lemmon.

Companies will look at convertibles again as higher borrowing costs put pressure on balance sheets and the equity market stabilises. Aidan Gregory reports.

A strong post-pandemic recovery in 2021 meant that predictions for the equity IPO market in 2022 were hopeful. But the Ukraine war, inflation and economic downturn blew away all that optimism. Victoria Thiele reports on how the IPO market has responded and what to expect next. Accompanying data is from a survey of equity market participants undertaken in October and early November.

While market buoyancy may seem like a boom, sources say increased activity is here to stay as the oil rich economies of Saudi Arabia and United Arab Emirates continue to build out their economies and attract foreign capital. John Crabb and Aidan Gregory report on what to expect in the months and years ahead.

— Will the easing of China's Covid rules help or harm emerging market issuers? — How public sector issuers compete with a jumbo, and growing, borrower like the EU — Private credit’s late bloom

Merger with Leaseplan will increase funding needs, bring higher rating

Smaller banks shouldn’t be afraid of extending AT1s past the first call date if the refinancing costs don’t make sense