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Few would have expected that, as Europe staggered out of a pandemic, its equity capital market would be roaring hotter than at any point since 2007. But so it was for European IPOs in 2021. Plenty more firms want to float, so 2022 could be just as active. But as Victoria Thiele reports, participants know that it only takes a little volatility — triggered by the emergence of a new Covid variant — or a few failed deals to spoil the party

The European securitization market is on course to break issuance records in 2022, as it comes to the end of one of its best years since the global financial crisis. Bill Thornhill reports

Money poured into corporate investment grade bond funds in 2021, while many sectors were still coming out of lockdowns. Supply/demand dynamics were heavily in favour of borrowers. The deals below were outstanding for their ability to push the limits and take advantage of the favourable conditions

US banks continue to rule the roost in LatAm DCM, but some say league tables don’t tell the full story. Olly West reports

All strands of sustainable finance are booming. Use of proceeds and target-linked structures are invading ever more areas of debt markets, and even becoming the norm. There is much more to conquer — but as Jon Hay reports, the real battle is to help investors know an ambitious transition from an inadequate one

A GlobalCapital survey of senior bond syndicate bankers working across Europe’s high grade corporate bond market points to a sharp turnaround in issuance volumes in 2022, but that volatility in rates will mean it will be a tricky year for companies and their bankers, who will need to be agile if they are to get the most out of an increasingly hostile and choppy market.

In 2021, sovereigns, sub-sovereigns, supranationals and agencies continued to borrow heavily and rise to the challenge of supporting the global economy’s response to, and recovery from, the Covid-19 pandemic. Of the deals themselves, there was an array of records broken and market firsts across formats and currencies. Looking back over GlobalCapital’s bond comments for the year, our SSA team used its editorial judgement to pick the best deals of 2021. We strove to choose those that were not just the biggest, but that set pricing markers, were innovative and brave, or made an impression in other ways. Here, we present the winners. Congratulations to all the issuers and banks involved

An upwards shift in rates spurred international borrowers back to the Swiss franc market in 2021, with local bankers left to wonder if it might see the return of the Sfr1bn bond in the next year.

A legislative push to finalise the US securitization market’s Libor transition is underway. The “game changing” rules will govern the choice of successor benchmarks for legacy deals that contain no provision for alternatives to the scandal-hit rate that will start to be switched off from January. Jennifer Kang and Paola Aurisicchio report

One of the few positive things to come out of the Covid-19 pandemic is that it has given new momentum to the process of digitalisation in an industry that has sometimes struggled to move with the times. Lewis McLellan looks at how the capital markets have begun to embrace change

Money poured into credit funds in 2021 but many companies instead sustained themselves on the cash they had raised during the pandemic. Those borrowers that did wade in were treated to dream-like conditions. This is expected to change in the year ahead. Mike Turner speaks to a selection of company treasurers about what 2022 has in store

The SSA market has enjoyed a remarkably smooth run in 2021, but volatility is returning and tougher times are ahead, according to the results of a survey of public sector origination and syndicate bankers, undertaken by Lewis McLellan