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GlobalCapital’s Toby Fildes interviewed the heads of debt capital markets at 20 of the top 25 banks in late November and December, to ask their views on how the market will evolve in 2017. Here are their thoughts. Information design Jon Hay, Sam Medway.

The land-grab for blue-chip accounts has been replaced by a more targeted approach as corporate brokers look to forge relationships that will be both long-term and highly remunerative. David Rothnie reports.

In a year where the unexpected became the norm, one of the few constants was the ECB’s presence in the eurozone sovereign bond market — you can see the monthly pace of Mario Draghi’s purchases. Elsewhere, the shock election of Donald Trump as US president and the Brexit vote took its toll on government bond yields and sterling’s level against the dollar.

Canada’s low debt to GDP ratio and stable politics have made it a haven in a turbulent era in global politics. But, with fears of a wave of protectionism growing, the trade-focused country faces problems ahead. However, with its fiscal stimulus programme an example to other nations wishing to promote growth, Canada’s borrowers are confident they can adapt and prosper in the new political reality. GlobalCapital hosted this roundtable in early December.

The creation of senior non-preferred debt in France means the country’s financial institutions can really start to build their loss-absorbing debt levels towards their requirements for total loss-absorbing capacity (TLAC) rules and Europe’s minimum requirement for own funds and eligible liabilities. But how much does each bank need to issue over the coming years? Since October 2014 the European Central Bank has been steadily buying more securities eligible for its covered bond purchase programme, helping issuers command much tighter pricing for new transactions. The resulting change in distribution by covered bond investor type has been stark. Real money investors — including asset managers and investors — have been squeezed out in the new pricing environment, while central banks have ramped up their purchases.

Donald Trump’s election as US president has shaken up expectations for this year. But although Latin American borrowers are getting used to higher funding costs, 2017 could be a year of steady progression for the market, writes Olly West.

On the surface, equity capital markets are a well-oiled machine, built to run over the rocky ground of unpredictable stockmarkets. Beneath the surface, there is a lot of sweat. Banks are having to staff their teams with less money, but do just as many deals. Investors are under the cosh, too, squeezed by weak performance and the march of passive funds. Jon Hay reports.

Once upon a time the worst thing investors had to think about at new year was what surprises the Fed might spring. Now there’s a maverick US president who talks of picking fights with China, allies, you name it. The UK is leaving the EU, the far right might win power in France and trade is ailing. Oh, and then there’s the Fed. Jon Hay reports.

Tier three will become the new face of senior debt in 2017. The stage is finally set for the largest French banks to make their push into the new asset class, but issuers all over Europe will be looking to optimise their senior stacks for regulatory capital standards. Tyler Davies reports.

The arrival of the Bank of England’s Term Funding Scheme sparked fears that it would be the death of the UK mortgage-backed securities market. But while some bank issuers may scale back public bond plans in 2017, a sharp rally in spreads has brought new sellers into play, changing the nature of the market. David Bell reports.

The renewable energy ABS sector had a year of sharp growth in 2016. Property Assessed Clean Energy (PACE) ABS was a strong source of bonds backed by green assets. Market players hope for a similarly successful 2017, but industry fragmentation and a new US administration may hinder growth. Sasha Padbidri reports.

Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.