Issues

Mexican non-bank lender extends deadline for buy-back

NowCM and BondAuction look to accelerate digital market adoption with connectivity partnership

Critics of the proposal advise against removing post-2008 safety and soundness provisions amid Hunt’s push for deregulation

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

Aggressive withdrawal of central bank support set to reprice sovereign and covered bonds in 2023

Fossil fuel companies seen as changing faster are feeling the benefit in pricing

Bank pounces on credit rally with opportunistic trade to end its funding for the year

Emerging market corporate bonds have rallied, but investors cannot find paper to buy in illiquid market

Hedge funds desperate for liquidity boost block activity but kept discounts wide

Senior bankers want a common sense approach to UK regulatory reform but a plan to scrap the bonus cap means pay will rear its ugly head

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.

Easing inflation, slowing rate rises and stabilising spreads should encourage issuers to return