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The most important regulatory reforms since the global financial crisis are coming for European structured finance in 2025. But while there is optimism securitization can play a meaningful role in European capital markets once again, there is a sense the market is in the last chance saloon, writes Tom Lemmon

After a year in which both primary volumes and spreads rebounded, the mood is optimistic in the European CLO market. Most market participants forecast more of the same, but there’s a growing acknowledgement that macroeconomic risks may complicate the picture, writes Victoria Thiele

After a stunning 2024, European securitization practitioners are daring to believe that 2025 could be even better. There are reasons for optimism, with banks shedding assets, lending volumes recovering and spreads attractive. New asset classes, issuers and more paper than ever could be themes that define 2025, writes George Smith

If 2024 was a better year for IPOs than the few before, that was nothing to brag about. Investors have made money and risk appetite is growing — but 2025 is expected to be the final year of recovery on the way to a restored market, writes Gaia Freydefont

Relentless appetite for financial institution paper led to a collapse in new issue premiums at the start of 2024. In the second half of the year, however, some investors pivoted away from senior paper and into subordinated debt as the hunt for yield intensified, writes Sarah Ainsworth

On a range of measures — liquidity, investor base, regulation — Australia scored highly this year as a source of fixed income funding. Growing interest from new and repeat issuers, and strong investor demand suggest the Australian dollar market will continue its upward march. While diversification is a common reason for banks from outside the country to operate Kangaroo programmes, it is not the only one. Relative value is also important. In November, GlobalCapital gathered senior funding leaders from major lenders in the UK, Nordics, EU, Canada, Asia and Australia — all with varying amounts of experience in the Australian market — to discuss all of this and more.

As 2024 draws to a close, the covered bond market is hoping — but not necessarily expecting — to see historically high spreads fall. The product’s strengths are unassailable, but pressure on other rates segments could be the deciding factor. GlobalCapital spoke to Bodo Winkler-Viti, Head of Funding & Investor Relations at Berlin Hyp, about the outlook for the year ahead, the growth of ESG and the bank’s role as a covered bond pioneer

Political and economic uncertainty was rife in 2024, highlighting the importance of a trading platform with the scale and sophistication to support clients through volatile conditions. GlobalCapital spoke with MarketAxess’ Global Head of Emerging Markets, Dan Burke, and Head of LatAm Sales, Maria Calderon, about the firm’s rapid EM expansion, its strategy for Latin America and what they expect to see in 2025.

It’s an exciting time for S&P Capital IQ Pro. The market’s preeminent research and analysis platform is incorporating new functionality and generative AI into an already cutting edge offering. GlobalCapital spoke to Warren Breakstone, Global Head of Capital IQ Solutions at S&P Global, about recent acquisitions, the benefits of GenAI and the outlook for the future

2024 has been another impressive year for Aussie dollar bank supply, almost outpacing the 2023 record. The year ahead will bring new opportunities along with regulatory change. GlobalCapital spoke to James Holian, Head of DCM & Syndicate Europe at Commonwealth Bank, about the outlook for issuance, the phase out of AT1 and whether covered bonds might spark into life in 2025

Hybrid issuance surged in 2024 as banks and corporates alike found investors hungry for duration and yield. GlobalCapital spoke to Crédit Agricole CIB’s Cecile Bidet — DCM head for financial institutions — and Xavier Beurtheret — head of DCM for corporates — on what drove their markets this year and the outlook for next

BNY’s corporate trust business, led by Cécile Nagel, has been investing and evolving to meet the changing needs of the market and its issuer clients. Nagel talks to GlobalCapital about the business’s strategy and strengths