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After assembling mega-funds that can commit loans of €1bn and more, direct lenders are gaining ground in leveraged finance at notable speed. Besides size, firms such as Alcentra, Ares, BlueBay and ICG offer borrowers privacy, speed, fixed terms and long-term commitment. But are they all equipped for the torrent of distressed situations the next downturn is likely to bring?

Volumes in European leveraged finance took a dive in 2019, leaving leveraged credit investors struggling to find value. A string of take-private attempts, especially in Germany, had lenders and banker salivating, but fell apart before coming to market

Lawyers in the US have had a busy 2019 drawing up tough documentation to protect borrowers and sponsors from CDS investors — net short activists — trying to get their say on the future of a company. With these provisions spreading to Europe, 2020 could be an even busier year

The European IPO market ended 2019 in soul-searching mood, following a tremendously problematic year. Issuers may look for alternatives should market conditions persist through to 2020

Europe’s equity capital markets bankers are looking at 2020 with an eye on jumbo equity capital raisings to fund merger and acquisition activity, building on the momentum behind such trades in 2019

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