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If capital markets become roulette, sentiment will be the victim
By backing too many speculative IPOs, investment banks could threaten the whole market
Falling interest rates, returning inflows and a wave of pandemic-era redemptions mean CEEMEA bond market participants have high expectations for 2026. This optimism comes after a record-breaking year for issuance — and by quite some margin — meaning that 2025 will be a tough act to follow, writes George Collard
Estonia's Coop Pank enters securitization market with €249m SRT
First exclusively Estonian securitization the European Investment Bank has supported
Viva la fiesta: LatAm mart awaits primary afterparty after record year for bonds
With Latin America bond issuance smashing through its previous record, market participants think the peak has passed. A market tipped to turn tougher is the reason, which will make 2026 a year when issuers and bankers will have to earn every basis point, writes George Collard, with volumes expected to stay high
Falling interest rates, returning inflows and a wave of pandemic-era redemptions mean CEEMEA bond market participants have high expectations for 2026. This optimism comes after a record-breaking year for issuance — and by quite some margin — meaning that 2025 will be a tough act to follow, writes George Collard
Sub-sections
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A booming 2025 investment grade corporate bond market in Europe set a high bar as investors brace to pay higher premiums and shift to the belly of the curve in 2026. Meanwhile, capex, M&A and Reverse Yankees look set to keep the pipeline full, write Diana Bui and Frank Jackman -
The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen
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The CEEMEA primary bond market in 2025 shattered the record for bond issuance by some distance. Investors flocked to buy ahead of US interest rate cuts, meaning the market was open to just about every issuer. It is hard to find too many deals that were not a success, making this the pick of a very large crop
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Investment grade companies demonstrated just how much liquidity was sloshing around in the euro, dollar, sterling and Swiss franc markets with a string of large deals. But these bonds did not just stand out for the amount issued. Rather, they showed that there is not always a trade-off to be made between size and price
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With a relentless flow of cash into credit markets this year, almost every borrower could be said to have done well. But some issuers stood out for their ability to establish new footholds in certain markets that have since paved the way for peers
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The sovereign, supranational and agency bond market in 2025 featured a number of innovative debuts, bringing new issuers to this most venerable of asset classes. Meanwhile, some of its biggest names priced stellar deals, breaking records and pioneering new formats even in volatile markets
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Trading in Eurex’s environmental social government-themed (ESG) derivatives has reached half a million contracts, with a nominal value of €7bn being reached in December.
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Financial specialists will have two years to work out how to implement the European Union’s Taxonomy of Sustainable Economic Activities, which now looks certain to become law in the coming months. But investors, companies and banks are likely to start using the huge document much sooner than that, in a wide variety of ways.
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European member states have voted to approve the law introducing the Taxonomy of Sustainable Economic Activities at the second time of asking, after France and other objectors won concessions in favour of nuclear power that pro-green observers insisted were nothing to worry about.
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Barclays’ head of corporate broking leaves — ESG finance academic joins Barings — Morgan Stanley ratings banker heads for exit
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ESG funds listed on the London Stock Exchange have had substantial investor interest through December, capping off a particularly green year for the market.
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Debt financing to become more sophisticated as the race to build data centres across Europe heats up
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JP Morgan sole bookrunner on first jumbo block in a month
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This week Tom Hall and Thomas Hopkins discuss how Enpal's return heated up the ABS market and take the CLO equity market's temperature
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Company's relationship banks provided the funding
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UK chancellor got the big things right in the Budget but made damaging unforced errors
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Emerging markets are particularly vulnerable to protests led by disgruntled youth
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Artificial intelligence is everywhere — but what is it doing? Capital market specialists think about it constantly, even if only because they are told to, with feelings ranging from delight to horror. Market participants are exploring myriad ways both to use AI, writes Jon Hay, and neutralise its risks
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December is a strange time to be in the capital markets. Embrace it
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This week a managing director deals with the awkwardness of their boss finding out they had been in contention for a job at another firm
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First deal of its kind more than 1.5 times subscribed
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Deal complexity, new issuer premium sees trade start more than 100bp wide of last WBS
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Gym franchise wants to refinance paper issued in 2022
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
