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Savvy government issuers have been able to fund record volumes from retail investors since interest rates began to rise, which contributed to tighter spreads, even as debt-to-GDP ratios increased. But where next now that banks have caught up, the ECB has cut rates and household liquidity has receded? Georgie Lee investigates

Multilateral development banks find themselves swept up in two parallel waves of change. As bond issuers, they are having to deftly navigate capital markets that are still emerging from the end of years of historically low rates, being forced to call upon all their experience and sophistication as they fund across multiple markets. At the same time, with the pressure on to fill the huge gap in global development finance, these institutions are being asked to work out how to better use or expand their balance sheets and lend more — all while maintaining their precious credit ratings. GlobalCapital gathered some of the leading supranational issuers at a roundtable in New York City in May to discuss how best to deal with the challenges of this changing world.

Major shifts in monetary policy and market conditions have created funding opportunities for sovereign, supranational and agency (SSA) issuers, and there is no bank more skilled at devising optimal execution strategy than Santander Corporate & Investment Banking (Santander CIB).

Santander’s success in broadening its SSA business has been nothing short of exceptional. A major force in the local market for years, the bank has rapidly evolved into a global SSA powerhouse. GlobalCapital spoke to Ali Nauman, executive director, SSA DCM, about the firm’s winning strategy, its approach to building relationships and its ambitions for the future.

There has never been so much momentum to reform the multilateral development banks. But most of the many avenues to expand their lending have run into difficulties. Jon Hay reports

For those hoping that the EU, with its swollen borrowing programme since the pandemic, could become a common European safe asset, the wait may take a little longer as the issuer works to establish itself as a sovereign-like entity and the bloc struggles to make progress on Capital Markets Union. Addison Gong reports

Many FIG issuers were quick to abandon the primary market this week, but it could get a lot worse

The SSA bond market could benefit from an early summer

Celebrating a CLO market driven by technicals is like praising a merry-go-round for its mileage

Senegal’s deal is free of the shadow cast by previous African sovereign private placements

◆ Private credit, regulation and cuddly toys at Global ABS in Barcelona ◆ What the European parliamentary elections mean for EU bonds and Capital Markets Union ◆ Will volatility follow the ECB's historic rate cut?

Whether Germany pushed investors too far this week was of secondary importance