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Asia’s capital markets had a hot first quarter, with volumes soaring across both DCM and ECM. Momentum still appears strong — but market participants should brace themselves for a tough time ahead.

The disastrous listing of food delivery app company Deliveroo in London last week sent shockwaves through equity capital markets, with some suggesting it will dampen Europe’s IPO market in the next few weeks. But it needn't be as bad as all that. Investors are keen to take part in IPOs — they just need greater discounts that match their perceptions of risk.

Deliveroo and its shareholders raised £1.5bn this week. The IPO was a dog, priced at the bottom of its range and falling 20% on its debut. But it’s hard to feel sympathy for the investors.

Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

The best relationships are ones entirely bereft of contact. The pandemic has made that possible.

The fact that a large US insurance company could offer the English Football League better lending terms than UK banks or other investors is revealing. UK lenders are shying away from deals, which has opened the doors to institutional investors. The speed with which a tailor-made EFL deal was done shows how quickly they can replace traditional creditors.

Fix Price, the Russian discount retailer, became a public company at the beginning of March in a $1.9bn IPO on the London Stock Exchange. Its CFO Anton Makhnev sat down with GlobalCapital to discuss the deal.

Asian lenders have often balked at dividend recaps. They should reconsider.

How sustainability is redefining the world of finance is one of the crucial questions facing debt capital markets — in particular borrowers, banks and investors in the loan and leveraged finance markets.

GlobalCapital today launches the poll to determine our Bond Awards 2021, to commend the outstanding achievements in an exceptionally busy time for capital markets, and we invite you to vote.

In this round-up, profits at industrial firms in China surge for the first two months of the year, onshore credit rating agencies face increased scrutiny, and local governments are required to manage debt risks at local state-owned enterprises in a better way.

Raising equity can be hard for small and mid-cap corporates in Europe. Too small to attract the bulge bracket banks, too big for local brokers to handle — but for Berenberg an opportunity to expand beyond its 430 year-old roots in Germany.