Sterling

As the world came out of the coronavirus pandemic, bond market conditions in 2022 did the opposite of what was expected of them and sharply deteriorated. Rising inflation, in part a result of the war in Ukraine, supply bottlenecks and fast tightening central banks all hurt banks’ abilities to access stable funding in international markets. Accessing unsecured primary financing, even senior debt, was no mean feat as new issue premiums moved higher for most of the year on top of skyrocketing spreads. Refinancing subordinated bonds at economic levels was far more challenging amid extreme volatility that brought back memories of the 2008 global financial crisis. Four bellwether deals are recognised this year for their market-leading achievements and successful execution that empowered the rest of the FIG market in Europe. They not only re-opened market access to a broader issuer base but also gave much needed confidence boost to battered investors. By Atanas Dinov and Frank Jackman.

The Bank of England’s reprieve will help the UK challenger bank meet next year’s MREL targets

After unexpectedly strong issuance of unsecured bonds in November, European banks have pre-funded for 2023, in anticipation of it being a year for refinancing across most, but not all, of the debt capital structure. Which asset classes are banks set to focus on? Atanas Dinov reveals GlobalCapital’s survey findings.

Financial institutions have grappled with an increasingly expensive primary bond market in 2022. As interest rates continue to climb and investors demand more spread for their cash, how much will banks have to pay up to play in the primary markets in 2023? By Frank Jackman.

Swiss bank's decision to call the deeply subordinated debt has increased the pressure on other big European lenders to follow

Despite severe difficulties, the market has had a 'very successful' year

The facilities, with a term loan in Australian dollars, will finance Ekaterra's acquisition by CVC

Truck maker returns to currency as vehicle names seek short maturities

Bank of Montreals £1bn deal was priced flat to recent deals from UK issuers

US dollars, sterling and euros are delivering the cheapest bank funding

A consequences of a stellar November for FIG bond issuance volumes may well prove to be an easier January

The bonds were purchased at the height of the recent Gilt market crisis