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FIG

FIG issuance in overdrive as market rebuilds after banking crisis

Financial institutions’ funding requirements point to a busy start to their bond sales in 2024. But, as Atanas Dinov reports, banks may need to compete for attention not only with other financial credits but with the broader fixed income universe, as we reveal the results of our FIG market survey

Atanas Dinov, December 15, 2023
EM LatAm

LatAm bond bankers ponder new normal despite volume optimism

A late year rally in US Treasuries sparked optimism in a Latin American cross-border bond market that has been sluggish for two years. But GlobalCapital’s survey of senior LatAm bond bankers at 17 DCM houses shows observers are far from certain what the revival will look like and what will drive it.

Oliver West, December 15, 2023
Leveraged Loans

Hopes rise of M&A returning after bruising year for loans

Amid the disruption caused by rising rates, buyers and sellers refused to agree prices for mergers and takeovers. That left banks fighting for scraps of deals and feeling the squeeze on pricing. But as Ana Fati reports, since the summer the mood has changed and loans bankers are feeling wanted again. 2024 holds promise, but no one expects an easy ride

Ana Fati, December 15, 2023
Equity IPOs

Europe’s IPO market looks to rebound after year to forget

If it is true that interest rates are near their peak, then hopes of a rebound in the IPO market after another dreadful year may be justified, writes Aidan Gregory. But it will be a while before a full normalisation

Aidan Gregory, December 15, 2023
Polls and Awards

The GlobalCapital survey of heads of debt capital markets 2023

GlobalCapital asked the heads of debt capital markets at over 50 of the top bond houses where they saw threats and opportunities for 2024. Geopolitics are once again at the top of the worry list but so is retaining junior staff. Overall, however, Toby Fildes and Ralph Sinclair, discovered an optimistic tone, no doubt helped by the pervasive belief that interest rates are at or near their peak

Ralph Sinclair, December 15, 2023
EM Middle East

Islamic investors offer borrowers with sukuk ability better pricing

A cash-heavy Islamic investor base starved of supply — compared to what conventional buyers were served up — helped Middle East and North Africa sukuk issuers secure bigger order books, giving them more pricing power than regional peers issuing regular bonds, writes George Collard

George Collard, December 15, 2023
CEE

CEE sovereigns benefit from paying up early

Central and eastern Europe sovereigns enjoyed big demand for benchmarks at the start of 2023 but paid high new issue premiums. This was reversed later in the year, as investors became more confident about the path of interest rates and when borrowers had less to raise. George Collard reports

George Collard, December 15, 2023
Emerging Markets

Uncertainty the only certainty for CEEMEA issuers in 2024

If 2023 was a better year for CEEMEA bond issuers it is no great claim; 2022 was dreadful. But investors have gained a degree of comfort over the path of interest rates, giving hope — but not confidence — of a further rebound in the primary market in 2024, write Francesca Young and George Collard

Francesca Young, December 15, 2023
ABS

US MBS and CLOs have to find a way through leaner times but ABS blossoms

The eclectic nature of US securitization left some sectors of the market flourishing and others floundering in 2023. Ayse Kelce, Kunyi Yang and Tom Lemmon look at which corners of the market have reason for cheer and whether there’s an expectation of a turnaround in sluggish or struggling sectors

Ayse Kelce, December 15, 2023
SSA

SSAs left thankful for fast start after fatigue sets in

Marathon runners fear the dreaded wall — the point near the end of a race where all energy and hope is drained. SSA issuers made it over the line with their funding in 2023 but there were signs of a flagging market in the final, hard yards, writes Georgie Lee

Georgie Lee, December 15, 2023
Corporate Bonds

Corporate bond investors rediscover duration but see spreads widening

Europe’s corporate bond market kept working throughout a rough year of interest rate rises, despite some bashes along the way. As Mike Turner reports, investors now sense that rates have peaked and some are willing to take the risk of buying longer-term debt — but no one expects 2024 to be a smooth ride.

Mike Turner, December 15, 2023
Corporate Bonds

Hold on to your hats: 2024 will bring not one new paradigm but two

After a year of central bank tightening, corporate bond specialists are figuring out how ‘higher for longer’ will affect credit. As Mike Turner found in his survey, senior bankers and investors across Europe expect subdued volume, wider spreads, spots of credit anxiety — and then a new regime of economic stress and falling rates

Mike Turner, December 15, 2023

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