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The vision of digital bond markets is one of unprecedented security and speed; a vision of efficiency and inclusion that welcomes a wider world of investors. But reaching that goal requires an uncharted voyage of discovery. The European Investment Bank (EIB) – a longtime pathfinder in the capital markets – finds itself once again at the forefront of innovation.

An open-ended programme could bring the EU closer to being eurozone's benchmark

Squeezed into windows this year, corporates will be squeezed into maturities next

How well do you remember this momentous year?

For the instrument to have a future, the process must be seen to have been fair

Removing post-crisis rules lays bare the financial system to risk

GlobalCapital’s Toby Fildes surveyed the heads of debt capital markets at 24 of the top 25 banks in the bond market in November, to ask their views on how the market will evolve in 2023. While there are some signs of optimism, their stance overall is wary. The Russia-Ukraine war is still regarded as the biggest source of danger, but China-Taiwan has shot up the agenda. Information design Jon Hay, Antony Parselle

The UK makes nice to securitization, EU remains stern — Does a burst of block trades signal recovery in equity capital markets? — Bond market begins to separate oil transition leaders from laggards — Four reporters pick the highlight of the year

Without ultralow rates, more EM companies will shy away from international bonds

Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West.

It was a year of two halves, as bond market dynamics fundamentally changed after quantitative tightening began. These corporate deals are outstanding for either pushing limits and taking advantage of conditions at the start of 2022, or for navigating some of the toughest markets in over a decade.

As the world came out of the coronavirus pandemic, bond market conditions in 2022 did the opposite of what was expected of them and sharply deteriorated. Rising inflation, in part a result of the war in Ukraine, supply bottlenecks and fast tightening central banks all hurt banks’ abilities to access stable funding in international markets. Accessing unsecured primary financing, even senior debt, was no mean feat as new issue premiums moved higher for most of the year on top of skyrocketing spreads. Refinancing subordinated bonds at economic levels was far more challenging amid extreme volatility that brought back memories of the 2008 global financial crisis. Four bellwether deals are recognised this year for their market-leading achievements and successful execution that empowered the rest of the FIG market in Europe. They not only re-opened market access to a broader issuer base but also gave much needed confidence boost to battered investors. By Atanas Dinov and Frank Jackman.