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Russian issuance has been a success story in what has otherwise been a largely disappointing year for the EMEA equity capital markets. Positive momentum should carry through into 2020 with hope that IPOs will follow a good year for blocks and beef up the Russian stock market

Europe’s convertible bond market enjoyed a modest recovery in 2019, even though interest rates stayed low, reducing the market’s appeal as a cheap funding source. Going into 2020, there is cautious optimism that the revival will continue, helped by issuers monetising stakes in other companies. As Aidan Gregory reports, the asset class should attract investors worried about an economic downturn

After the Federal Reserve’s hawkish attitude in 2018, a more dovish mood at the US central bank meant that 2019 was smooth sailing for many emerging market borrowers. However, political storms meant the turbulent asset class still threw up its share of rocks for borrowers to navigate. The GlobalCapital editorial team selected the best deals of the year, considering not just the eventual result of the trade, but the backdrop against which the deals were sold. The winners are presented here. Congratulations to those involved.

Five years after the US and EU slapped sanctions on Russia following its invasion of the Crimean peninsula, the country’s capital markets are doing far better than many expected. Mariam Meskin reports

Ukraine’s political establishment was shaken up and, in large part, replaced by newcomers early in 2019. The lead up to the election was fraught, as investors’ fear of the unknown drove up Ukrainian rates. But President Zelensky swiftly won over the international community, setting up a superb run of borrowing.

Turkey’s position economically, and from a capital markets standpoint, is better at the end of 2019 than it was a year ago. However, that is not to say all is well with the country — far from it. Prospects for 2020 are, at best, mixed with growing concerns over central bank independence and high debt levels

The loan market has had a great couple of years in the Middle East but in 2019 the bond market stole its thunder. However, as the region tries to wean itself off hydrocarbons, the sheer scale of financing needed means both markets will have plenty to do over the next 10 years. Mariam Meskin reports

US rate cuts were, admittedly, the driver behind the Latin American international bond market’s return to form in 2019. Although regional growth remains disappointing, there are encouraging technical and fundamental signs to be found

Emerging markets borrowers have been much slower to join the caravan of green and sustainability-linked financing that has swept up so many companies in western Europe. This is not because firms in CEEMEA are indifferent. As Mariam Meskin reports, interest is spreading, but companies must overcome practical obstacles, which will take time

New sources of capital and new financing models are appearing for emerging markets borrowers as investors broaden the search for yield. As Mariam Meskin reports, traditional EM bank lenders and bond buyers now find themselves battling direct lenders and private capital markets

For corporate treasurers, the rates markets’ transition away from Libor and other Ibor benchmarks has created a messy future for their derivatives portfolios that many would prefer not to think about. Uncertain liquidity in new products and having to understand volatility in the new benchmarks are complicating the migration but there are signs of progress amid the confusion, writes Ross Lancaster.

A fuse has been lit on renewables hedging. In offshore wind alone, a wall of investment is set to hit the industry over the next two decades, one that will take many project sponsors into cross-border investments. Those prospects are already deepening hedging markets, writes Ross Lancaster