Despite a decline in overall bond and loan issuance in the Latin American region, ESG-linked debt issuance thrived in 2021—and looks set to continue in the months ahead
After weathering pandemic-related disruption early in 2021, Latin American loan and bond markets remained open for business, with bonds leading the way
Vehicle sales rebounded strongly following lockdowns, but Europe’s automotive companies confront a period of significant change as governments phase out combustion engines, supply chain constraints bite and the impacts of events in Ukraine are felt
Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains
Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting the stage for, on balance, a productive year ahead
Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights
Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022
Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance
Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment
Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead
Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against credits that fall short of the quality bar
Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades
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