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After a disastrous 2022, hopes were sky high among banks, issuers and investors in the emerging markets that 2023 would mark a turnaround. Record breaking volumes were printed in the first month of the year — and then the first quarter — only for bullishness to fall away as US regional banks and then Credit Suisse threatened another global financial crisis. Conflict in Ukraine and Israel brought further worry. Wise issuers took windows when they appeared and played to their particular strengths rather than waited for the perfect moment.

Sovereigns, supranational and agency issuers that could think a little differently stood out in 2023. As borrowers grappled with rates volatility, narrower issuance windows and yet no let-up in borrowing requirements, it was those that could be nimble or novel as well as those that laid down price markers for others that took the most plaudits

Little progress made in Dubai on finance or adaptation, despite the fanfare

The country’s retail investor base boomed this year, causing a slight return of foreign money as confidence gradually rose

Issuer sets €160bn maximum for 2024 and pushes on in EGB quest

Rate peak joy soothes angst over Austrian collapse, but losses will surface

Tighter underwriting standards are supporting investor confidence, though some will be 'stock picking'

It is too early to tell if Turkey’s equity markets are truly healing

More supply needed for ESG-dedicated money to emerge, but pricing is not the driver for green or social deals

After two years of poor issuance, investment banks may have to cut jobs if volumes don’t pick up in 2024

Issuers to bring deals as early as possible in January, whether the sovereign issues or not

◆ Rate cut expectations raise appeal of bank debt ◆ NBC and Ally Financial push annual issuance to $593bn ◆ Yankee and US regional banks expected to lift supply in 2024