Issues

French agency aims to diversify currency mix via benchmarks and PPs, and execute euro taps

Swiss metals trader enlarges deal and expands lending group with link to EcoVadis rating

Turkish company’s IPO includes primary and secondary shares

Bankers in loans and bonds expect volumes of both to rise next year

◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...

After a turbulent year marked by extreme moves in rates and bank failures, GlobalCapital assesses the meaning of these events and how market participants believe 2024 will play out

The past year has been one of tightening in the capital markets, with central banks throwing easy money supply into reverse. GlobalCapital has chosen these corporate deals as outstanding, for proving either that staggering sizes and difficult maturities were still possible, or that ingenuity and flexibility could make even the toughest market conditions work for an issuer

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels

The public sector bond market is set for another busy year, meaning congested issuance windows and spread volatility against an uncertain macroeconomic and geopolitical backdrop. But higher yields and a normalisation of demand, thanks to quantitative tightening, present opportunities for both issuers and investors, writes Addison Gong

Covered bond benchmark issuance in euros had reached €175bn by early November 2023, suggesting the market was on track to reach €185bn for the year — somewhat less than 2022’s record of a little over €200bn. Although gross volumes are expected to decline a little in 2024, they are likely to remain well above average and, in the absence of central bank support, further pressure on spreads is expected.

Financial institutions’ funding requirements point to a busy start to their bond sales in 2024. But, as Atanas Dinov reports, banks may need to compete for attention not only with other financial credits but with the broader fixed income universe, as we reveal the results of our FIG market survey

A late year rally in US Treasuries sparked optimism in a Latin American cross-border bond market that has been sluggish for two years. But GlobalCapital’s survey of senior LatAm bond bankers at 17 DCM houses shows observers are far from certain what the revival will look like and what will drive it.