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Excitement is brewing among Latin America debt capital markets bankers over the prospects for the region’s three largest bond markets. But there is also trepidation that any deviation in the path of US interest rates could derail their impressive recovery, writes Oliver West

Interest rate cuts mean spirits are high in the CEEMEA primary bond market after it recovered a semblance of normality in 2024. But Donald Trump’s election as the next US president has added uncertainty to the trajectory of interest rates, throwing borrowers and investors a curveball, write George Collard and Francesca Young

European sovereign issuers and African multilateral institutions are among those focused on how to achieve future funding goals. But expanding their investor base is also critical. That is why sukuk, Panda bonds and sustainability-linked products are commanding their attention as they look for more innovation. GlobalCapital convened a discussion between funding executives from these organisations and other market specialists on their progress in 2024, where they see opportunities for doing things better in the future and why sustainable finance can be a contentious area when it comes to setting targets.

Issuers will have to navigate various challenges in derivatives trading in 2025 including reforms to bank counterparty capital, changes in central counterparty clearing, and finding new ways to save on cross-currency swaps. Sarah Ainsworth reports

High mortgage rates were no obstacle to the US RMBS market in 2024 as alternative asset classes came to the fore and credit quality stayed robust. Although the unpredictable outlook for rates remains a market concern, there is every reason to expect the positive trends will continue in 2025, writes Nick Conforti

Money flooding into fixed income in 2024 presented an opportunity for the most innovative corner of the securitization market to develop. Previously tricky sectors have returned, and the ABS market is at the forefront of efforts to finance the huge capital needs for digital infrastructure, writes Diana Bravo

The public sector bond market has had a lot to digest — more than $900bn of benchmark issuance — in 2024 and endured a turbulent second half. But key metrics tracked by GlobalCapital’s Primary Market Monitor suggest it has been a strong year for deal execution, writes Addison Gong

Banks enjoyed a strong start to their 2024 euro funding, securing much needed duration without having to pay eye-watering premiums. But conditions worsened and issuers slunk back down the curve as elections dictated market sentiment, writes Frank Jackman

SSA bond spreads widened dramatically against swaps in the latter part of 2024 and market participants are fearful that this will exert pressure on covered bond issuers next year. But on a positive note, several first-time issuers are anticipated to light up the market, writes Frank Jackman

Loan bankers describe a ‘positive year’ in 2024, with the market ‘buoyant’ after two years lacking momentum, writes Jennifer Law. There was a flurry of activity in the second half of the year prompting expectations of higher volumes to come

The capital markets are finding growing uses for artificial intelligence as language models go from being large and broad, to small and tightly focused. AI has already been deployed to increase administrative efficiency. Automation in trading and execution is next, writes Gaia Freydefont

This was the year of the voter — when a spate of elections around the world threatened market disruption. Investment grade corporate borrowers changed funding plans and prepared to be opportunistic, writes Mike Turner. But the relentless flow of cash into the asset class made it a golden ticket — a trend expected to continue into 2025