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After years with little in the way of technological improvements, momentum is finally building behind several projects that could reshape primary capital markets. These systems will undergo their first tests in the SSA market. Intriguingly, the winner could come from either the public or private sectors. Burhan Khadbai reports

A trio of recently launched supranational borrowers will be a frequent presence in 2020, as they look to cement their positions among the top names in the public sector bond market. Burhan Khadbai reports

The CLO is one of the more transatlantic sectors in securitization, and has grown more so in the past year as US managers make new inroads in Europe. However, both markets grapple with unique issues. In the US, a rocky corporate credit landscape has put the fear of widespread downgrades front and centre, while in Europe, the space is getting crowded and competition for collateral and persistent negative rates weigh on the sector. Both markets in 2020 are headed for an inflection point. Max Adams and Tom Brown report

Where securitization was once a prime hunting ground for financial sponsors and hedge funds, some of the largest asset management houses are now setting up units to beat the top predators of the capital markets at their own game, taking the other side of the securitization arbitrage

Each year brings another retreat for European investment banks, as their seemingly invincible US competitors edge further into the European market. While the Europeans are far from capitulating, the pressure is relentless. As Jasper Cox reports, they are trying to redefine success by concentrating on the markets and segments where they are strongest

While the outlook for a long-awaited reform of mortgage finance and the government-sponsored enterprises is uncertain in an election year, non-agency residential mortgage-backed securities (RMBS) are clawing their way back into US capital markets

Meant to bring about a new era for European securitization a decade after the financial crisis, the ‘simple, transparent and standardised’ framework actually stifled issuance in the first quarter of 2019. But a year on, STS is on its way to delivering what it had promised. Tom Brown reports

Esoteric ABS is not quite so esoteric in the era of low interest rates. With anaemic yields and low economic growth expected to continue, more investors have turned to the asset class over the past few years, and issuers are locking in the lower cost of capital while it lasts

As the late stages of the economic cycle drag on and uncertainty around the next recession grows, investors are turning to securitization as a shield against headwinds from other parts of the market, loading up on ABS to insulate portfolios from gyrations in corporate credit

In November, GlobalCapital polled loan market participants for its 17th Syndicated Loan and Leveraged Finance Awards. The nominations are listed below, in alphabetical order. We will reveal the winners at the Awards Dinner, to be held on February 12, 2020, in London. For details on attending the event, please contact Daniel Elton at delton@euromoneyplc.com or by calling +44 20 7779 7305

A friendly face in the finance ministry was apparently enough to lift Argentine sovereign bonds ahead of a looming restructuring, but analysts warned that the government was still showing no willingness to implement the austerity measures that would make debt sustainable.

As European Union regulators start to review the Markets in Financial Instruments Directive, some market participants are nervous that Germany will use the opportunity to stamp out their own ambitions for open access to clearing houses.