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Aside from the tragedy of lives lost, the impact of the pandemic on jobs, production and tax receipts has been cataclysmic. Step forward the sovereign debt markets, ably supported by central banks’ quantitative easing programmes, which have enabled governments to shoulder the heavy load. Lewis McLellan reports.

The EU began its evolution in 2020 in becoming one of the largest issuers in the capital markets. While it was plain sailing for the first few deals, there are bigger tests ahead in 2021, with the EU’s borrowing set to balloon even further in size. Burhan Khadbai reports.

The pandemic led to an astonishing surge in the issuance of social bonds this year. But for it to develop further, there needs to be a dedicated investor base, a more diverse range of issuers and a clear understanding of what is meant by social finance. Burhan Khadbai reports.

Bank capital has gone back under the microscope during the coronavirus pandemic, with policymakers asking themselves whether the Basel III rules can work as intended. Tyler Davies reports.

Nobody will forget 2020 in a hurry. It was the year in which a coronavirus pandemic swept across the globe, created economic chaos and forced central banks into swift action. The resulting measures helped to underpin financial markets, bringing yields from record highs in March to record lows in December. But the outlook has always remained uncertain for banks and insurance companies, whose balance sheets are yet to feel the full impact of the crisis. In such a testing year, GlobalCapital wanted to reward the bond deals that achieved stand-out results for issuers — in terms of pricing, execution and timing. The winners are presented here.

European banks passed a real-life stress test in 2020 as the coronavirus pandemic threatened to topple the economy. The experience has improved the standing of subordinated debt, which is becoming more important for issuers and investors alike. Frank Jackman reports.

Bank financing deals are expected to be on the low side in 2021, thanks to the provision of cheap, easily accessible central bank funding and high deposit inflows. Even so, regulatory funding is requisite and covered bonds will still provide an imperative source of long term funding, writes Bill Thornhill.

As global central banks rushed to prop up the global economy this year as the coronavirus pandemic hit, emerging markets issuers stormed into the bond markets, raising record-breaking levels of debt. A deluge of deals, including green debuts, 50 year and even century bonds, were snapped up by an investor base hungry for high — or least comparatively high — yielding assets. The GlobalCapital emerging markets editorial team selected the year’s best deals, giving consideration to the fundamentals of the trade as well as the context around the deal. After much deliberation, the winners were selected as the standout deals in unprecedented times. Congratulations to those involved.

Investors are counting on the election of Joe Biden as the next US president to bring a calmer, more rational tone to international politics, and perhaps a boost to world trade. But the new administration will also pose specific tests for some emerging markets, as Mariam Meskin reports.

CEEMEA borrowers — sovereigns in particular — were forced to ramp up their capital markets borrowing in the wake of the coronavirus pandemic. The elevated issuance volumes are set to stay, even though there are concerns that some emerging market borrowers will need a strong dose of debt relief amid fears about just how sustainable their borrowing levels are. Mariam Meskin reports.

Despite funding stresses in certain Latin American countries, bond markets will continue to help the region with its financing needs. For now, this eases the pressure for reform and fiscal consolidation, but issuers must eventually face up to political and social turbulence. Oliver West reports.

The corporate sector took the heaviest hit from the coronavirus pandemic, with entire industries pushed to the edge of the abyss almost overnight. Luckily, the bond markets barely missed a beat, because of the heft of central bank bond buying. The deals below are remarkable for having taken advantage of even the most volatile conditions.