Issues

Structured finance issuance rebounded in 2025, buoyed by refinancing requirements and a yield-hungry investor base. As the new year approaches, all eyes are on the trends that will create risks and opportunities over the next 12 months. GlobalCapital spoke to leading analytics and risk-technology firm Numerix about key credit dynamics, investor behaviour and the technology shaping the market

The merger of Herbert Smith Freehills and Kramer Levin has created a legal heavyweight boasting over 2,600 lawyers spread across 26 offices worldwide. GlobalCapital spoke to Gilbert K.S. Liu, head of securitization in the US, and Michael Poulton, head of the firm’s London securitization practice, about the merger

The suprantional's head of funding, Darren Stipe, discusses its work in the Panda and Wonton bond markets

KfW is one of the leading issuers in the bond market, sometimes raising as much as €80bn across global bond markets each year. The German policy bank was at the forefront of green bond innovation and is positioning itself now to do the same thing in the digital bond market. All of this borrowing is done in the name of supporting Germany’s economic aims, making it an important global institution. That has become especially apparent since Germany’s new chancellor, Friedrich Merz, embarked earlier in the year on a vast infrastructure and defence spending programme, amid a time of low growth in the eurozone. Fresh from the World Bank/IMF Annual Meetings in October, and as part of KfW’s sponsorship of the GlobalCapital Podcast, its CEO Stefan Wintels talked to us about the difficulty in achieving global consensus, the importance of the green transition and the rise of the digital bond market.

Structured finance is expanding as alternative credit grows, new asset classes emerge and investors demand more targeted capital solutions. Products that were once firmly securities are moving up the capital stack, blending with hybrid equity and fund-level structures. GlobalCapital spoke with Michael Urschel, a partner in Kirkland & Ellis’ Complex Securitizations Practice Group, about what is driving the market’s rapid transformation and where securitization is headed next

Electronic trading is evolving rapidly as market interconnection deepens and clients demand greater speed and cross-asset access. With innovation accelerating, the next challenge is turning connectivity into better liquidity and smarter execution. GlobalCapital spoke to the co-heads of international developed markets at Tradeweb, Nicola Danese and James Dale, about breaking down market silos, linking liquidity across products and the technologies set to shape the next chapter of electronic trading

Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui

Investors are said to be lining up for 2026 pipeline after equity capital markets moves past Trump tariff threat to mark a year of growth in deal volumes despite early volatility, writes Arthur Bautzer. Private equity sellers to use Galderma playbook to drive new listings

With Latin America bond issuance smashing through its previous record, market participants think the peak has passed. A market tipped to turn tougher is the reason, which will make 2026 a year when issuers and bankers will have to earn every basis point, writes George Collard, with volumes expected to stay high

Record issuance volumes met insatiable investor appetite to lock in yields before rate cuts bite, resulting in tight pricing across bonds and sukuk, writes George Collard. An already healthy market shifted up a gear from September as order books swelled and issuance accelerated, especially of sukuk

Falling interest rates, returning inflows and a wave of pandemic-era redemptions mean CEEMEA bond market participants have high expectations for 2026. This optimism comes after a record-breaking year for issuance — and by quite some margin — meaning that 2025 will be a tough act to follow, writes George Collard

Geopolitical uncertainty because of US tariff policy and regional conflicts, and private credit’s incursion into investment grade lending did their best to disrupt the syndicated loan market in 2025. But bankers say investment by the technology sector, in particular, means 2026 is poised to be a more ‘meaningful year’. Jenn Law reports