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Charlotte Gilbert will lead the clients and product solutions team

‘Tactical’ niche currency deals to supplement increased benchmark funding

Investors hope to see more signs US inflation is slowing

The Bank of England’s reprieve will help the UK challenger bank meet next year’s MREL targets

After a year in which global capital markets were utterly dominated by the war in Ukraine, Toby Fildes sits down with the country’s finance minister Serhiy Marchenko and head of debt management Yuriy Butsa. They discuss what it would take to strike a peace deal with Russia, how Ukraine is financing itself and how it is determined that the Russian aggressor will pay up when it comes to rebuilding its villages, towns and cities.

Pick-up in high yield issuance offers fresh chance to refinance Bain acquisition

Across the Street, big names came and went as many of the big players mixed up their senior management teams. Some saw more activity than others, but the tumultuous market conditions meant most had a very busy 2022. David Rothnie reviews a year that may come to be remembered as the catalyst for a new world order in investment banking.

The emergence of several major macro risks across the year caused a paradigm shift in primary markets, increasing the complexity and challenge of funding to a level many sovereign, supranational and agency issuers have not endured in over a decade. Yet, many SSA issuers rose to the challenge, demonstrating a strength, agility and composure in successfully executing their funding plans, some even earlier than planned. As we move into 2023, the macro environment will remain challenging, but how challenging and what does this mean for the SSA market? GlobalCapital discusses this, together with analysing the impact of the market turbulence during the past year, with some leading funding and investor participants from across the SSA market.

SSA issuance is likely to increase in 2023, but so too will demand as higher yields draw in more buyers. However, the transition away from central bank support means borrowing will be far from straightforward. By Addison Gong.

Public sector borrowers have faced a changed market in 2022. As rates — and market volatility — have risen and central bank support has retreated, this elite group of borrowers has had to face up to the reality that there are no longer any easy deals, as analysis of proprietary data reveals. By Ralph Sinclair.

The next 10 years will be a period of intense change for multilateral development banks. The demands on them, already high, are set to multiply as climate change worsens. The system as it is cannot bear much more load. Reform is coming. As Jon Hay reports, it will be difficult, but could unleash great innovation and a more co-operative, efficient sector.

An unvarying supply of senior bonds has been the multilateral development banks’ contribution to capital markets for many years. As Jon Hay reports, that is about to change. As they strive to optimise their balance sheets, risk sharing will proliferate and the first hybrid capital issues should appear. There may even be public equity issuance. If all these techniques work, they will also trigger a big increase in senior bond sales.