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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

Financial institutions made the most of challenging conditions in 2021, pushing ESG supply to new heights and breaking pricing records in several asset classes. By Tyler Davies

Having weathered the turmoil and travails of 2020, emerging market issuers found a new set of challenges waiting for them in 2021. Inflation became almost as much of a concern as infection, and the phrase “taper tantrum” reared its ugly head once again. But supply rolled on regardless, as borrowers from all corners of the market priced debuts, broke records and claimed market firsts. In a year not short of stellar transactions, GlobalCapital’s emerging markets editorial team have picked the standout deals of 2021. As always, the selection takes into consideration not just the deals’ basic terms, but also the context and wider environment. The backdrop can be more important than basis points

Since the early days of the pandemic, it has been clear that the EU would become a dominant force in the SSA market. In 2021, it assumed that title. Lewis McLellan looks at its progress so far and the effect it is having on the broader market

As 2021 drew to a close, GlobalCapital surveyed the heads of CEEMEA DCM and syndicate at the top houses about their expectations for the year ahead. Francesca Young reports

The covered bond market made a remarkable recovery late in 2021, an improvement that is likely to continue in 2022 — one of the predictions to come out of a market survey undertaken by Bill Thornhill

Financial institutions will need to raise more debt in trickier market conditions when central banks unwind stimulus measures in 2022, according to the results of a GlobalCapital survey