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When the shockwave set off by the failure of Silicon Valley Bank swept the legs from under Credit Suisse, all the talent and relationships of a big investment bank were up for grabs. UBS has tried to hang on to what it sees as the best bits — but the biggest beneficiaries are likely to be rivals. Jon Hay and David Rothnie report

European ABS market participants are optimistic about 2024, despite the persistence of rates volatility and economic fears. While poor arbitrage haunts the CLO market, managers are ready to tighten the straps on their captive equity funds and soldier on. George Smith and Victoria Thiele assess the market outlook for European securitized products

The main consideration for eurozone banks at the start of 2023 was to garner what remained of the ECB bid for covered bonds but by the end of the year they had negotiated not one but two crises. Sarah Ainsworth reports on how, despite all the volatility, they navigated another strong year for issuance

A dreadful year for ECM volumes has not helped European banks play a bigger part in EMEA equity capital markets. But there are dreams of a better 2024 and, as John Crabb and Aidan Gregory report, Europe’s banks have specialisms up their sleeves to help them grab market share

The Swiss franc bond market weathered the collapse of one of its two biggest players in 2023 to enjoy its busiest year since 2014. Investors welcomed foreign issuers from all quarters with open arms and, as Sophie Astles writes, those visitors may be here to stay

Observers could have been forgiven for thinking the additional tier one market might be as defunct as Credit Suisse, the bank whose demise mired it in controversy. By the autumn AT1s had come roaring back but, as Sarah Aisnworth reports, this was not 2023’s only wild ride in the FIG primary market

For the first time since the global financial crisis, there is optimism that much-needed positive and proportionate regulatory reform is coming to European securitization. Yet there is a long way to go before glimmers of hope translate into concrete changes or have a meaningful impact, write Tom Lemmon and George Smith.

The past year has been one of tightening in the capital markets, with central banks throwing easy money supply into reverse. GlobalCapital has chosen these corporate deals as outstanding, for proving either that staggering sizes and difficult maturities were still possible, or that ingenuity and flexibility could make even the toughest market conditions work for an issuer

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels

After a disastrous 2022, hopes were sky high among banks, issuers and investors in the emerging markets that 2023 would mark a turnaround. Record breaking volumes were printed in the first month of the year — and then the first quarter — only for bullishness to fall away as US regional banks and then Credit Suisse threatened another global financial crisis. Conflict in Ukraine and Israel brought further worry. Wise issuers took windows when they appeared and played to their particular strengths rather than waited for the perfect moment.

Sovereigns, supranational and agency issuers that could think a little differently stood out in 2023. As borrowers grappled with rates volatility, narrower issuance windows and yet no let-up in borrowing requirements, it was those that could be nimble or novel as well as those that laid down price markers for others that took the most plaudits

Little progress made in Dubai on finance or adaptation, despite the fanfare