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After years or low issuance volumes, covered bonds had a stellar 2022. But although the year’s performance has left the market in an optimistic mood overall, the war in Ukraine, inflation, recession and falling house prices mean few participants are taking 2023 for granted, as our covered bond market survey shows. By Bill Thornhill.

After unexpectedly strong issuance of unsecured bonds in November, European banks have pre-funded for 2023, in anticipation of it being a year for refinancing across most, but not all, of the debt capital structure. Which asset classes are banks set to focus on? Atanas Dinov reveals GlobalCapital’s survey findings.

Financial institutions have grappled with an increasingly expensive primary bond market in 2022. As interest rates continue to climb and investors demand more spread for their cash, how much will banks have to pay up to play in the primary markets in 2023? By Frank Jackman.

This year was a tough one for European investment grade corporate borrowers in the bond market, but there is plenty of optimism that 2023 will be easier. Mike Turner surveyed senior corporate bond bankers across Europe to get their thoughts.

Nimbleness was the name of the game for Europe’s high grade corporate bond issuers in 2022, as war, inflation and the end of quantitative easing transformed the market. High inflation means a large chunk of 2023 will be the same, but corporate funding chiefs hope the latter part of next year could provide excellent opportunities for issuance. Mike Turner reports.

Investment grade corporate issuers have had to offer increasing amounts of spread to entice investors into their bonds as markets adjust to a new world of looming recession, soaring inflation, lower central bank support and higher interest rates. By Ralph Sinclair.

The EMEA syndicated loan market has weathered the roughest year for capital markets since 2009 in decent shape. Even battered leveraged finance is working. But lenders are ambivalent on whether 2023 will bring a modest recovery or worse strains. As Marta Imarisio reports, the one bright spot is the ever-growing emphasis on ESG.

After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.

After a year of war, rate rises, inflation and political pressures on the CEEMEA region, fixed income markets have been badly shaken. Citi and JP Morgan’s vice-like grip on the top of the primary market league tables remains, though others have been forced to question their commitment to the emerging market bond markets. Francesca Young reports.

Outflows from EM bond funds are not far off the $100bn mark in 2022, writes George Collard.

GlobalCapital’s survey of 13 Latin America DCM heads points to a recovery of sorts for the region’s bond market after its worst year since 2008. Corporate issuance is the biggest unknown, but the market’s fate appears to lie in the hands of the Fed. By Oliver West.

Although slowing loan origination is likely to lead to lower issuance of securitized products in the US, GlobalCapital’s survey of market participants shows some confidence that the worst of the volatility is over. But eyes will remain glued to the Federal Reserve for clues as to how conditions evolve. By Ayse Kelce.