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GlobalCapital has put together a series of infographics looking at the financial institutions bond market in 2018 and in the year ahead.

After several years of very favourable conditions in new issue markets, 2018 has turned into something of a bitter pill for financial institutions. A sharp repricing of risk pretty much wiped out investment returns for many funds, as the market faced up to concerns about global growth, the end of QE and the rise of populism in mainstream politics. This backdrop made life extremely difficult for issuers and bookrunners wanting to make the most of the primary market. GlobalCapital wanted to reward the new issues that achieved stand-out results for issuers, in terms of pricing, execution and timing. The winners are presented here:

As central banks retreat from public markets, spreads are widening in dollars and euros, and cross-currency basis swaps are improving for international borrowers, Swiss bankers believe the good times might be returning to a market once known the world over for diversification and arbitrage.

Europe’s leveraged finance market has survived another year without a downturn — indeed, spirits are remarkably buoyant going into 2019. The market is priced for perfection, however, and with rates starting to rise, issuers and investors have some serious forward planning to do. Victor Jimenez reports.

Caius Capital and UniCredit have settled a dispute over a hybrid capital instrument issued by the latter. Caius will pay the bank an undisclosed sum, after UniCredit sought around €90m of compensation for damages back in August.

After back to back record years for non-UK sterling SSA supply, the 2019 outlook is obscured by thick Brexit fog. Nevertheless, public sector borrowers have a host of non-core currency options to tap as currency diversification becomes increasingly important.

Italian energy company Enel failed to notify investors it would call its 6.5% hybrid corporate bonds by the date required, due to a “procedural issue.” The company still intends to offer noteholders the opportunity to redeem the notes at par via a tender offer, but it may find few takers.

The result of the 2018 European stress test for insurers showed that firms are sensitive to both high and low yields, with some failing to meet their solvency capital requirement (SCR) under the tested scenarios. But natural catastrophes were less of a threat to balance sheets.

Hungary’s latest Panda looks, at least on paper, like a club deal rather than a genuine syndicated bond, with bankers disagreeing on how the deal might have played out in the market.

The Malaysian government has filed criminal charges against Goldman Sachs for its alleged complicity in 1MDB and is seeking fines of over $3bn in a bid to recover assets from one of the world’s worst financial scandals.

Deloitte is predicting a major decline in Hong Kong IPO volumes next year, in large part because of uncertainty in the global economic outlook.

Cromwell European Real Estate Investment Trust (CEReit) has wrapped up a well-oversubscribed rights issue, raising €224.1m to fund the acquisition of various properties across Europe.