To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com Lending conditions in Europe’s syndicated loan market are ripe for more M&A activity in 2014 amid more positive macro conditions, banks’ renewed enthusiasm to underwrite and a host of cash rich investors eager to put money to work. Corporates and sponsors are taking advantage of a myriad catalysts for M&A to occur and a pi

This report takes a comprehensive look at what lies ahead in 2014. To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com 2014 is expected to be another year of heavy activity in the syndicated leveraged loan market, with volume potentially hitting US$1trn, the second-highest level on record, following the all-time high US$1.14trn issued in 2013. Issuers will continue to take advantage of low borrowing rates and robust loan demand to cut costs and ex

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com Of the US$119.2bn of accelerated trades in EMEA in 2013, about US$22bn was derived from a blind auction, where bankers are given a short period of time, often less than an hour, to guarantee a minimum price for an offering of stock. Some banks argue that competition under these circumstances results in overly tight bids aimed at ”

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com Last year’s revival in the European securitisation market was notable more for breadth of issuance than volume – the €75bn–€80bn placed was flat to 2012. The fully fledged return of CLOs and CMBS, as well as renewed activity in the peripheral sector, were significant developments. In 2014, the core products of Dutch and UK RMBS (s

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com Success breeds success. Last year, US stocks powered to a nearly 30% gain, the number of US IPOs hit their highest levels since 2000, debutantes produced an average return of 41% and investors finally shovelled their money back into actively managed stock funds. In ECM it doesn’t get much better than that. It is not surprising the

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com China reopened its IPO market this month after a year-long ban, and 51 listing hopefuls immediately rushed to launch their transactions and tap the market’s massive pent-up demand. But the initial euphoria didn’t last long, after drugmaker Aosaikang Pharmaceutical in early January unexpectedly postponed its listing on ChiNext – a

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com In many ways the European structured equity market broke new ground in 2013 with new issuer types and structures successfully sold, but the raw data show a slightly more prosaic performance. Issuance volume rose 56.4% to over US$30bn, back in line with issuance of 2009, but the level of bond maturities, M&A takeouts and exerci

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com After a pivotal year, in which issuance volumes reached record highs and secondary performance the worst return since the financial crisis of 2008, market participants are hoping for a turnround for emerging markets bonds in 2014. Overall primary market activity is expected to remain below last year’s highs, so an increase in non-

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com The majority of European banks will be able to sell contingent capital bonds by the end of 2014 as politicians and regulators seek to push through legislation that will create a level playing field for hybrid issuance.  Over the past year, European financials sold some €38bn through Tier 2 and Additional Tier 1 bonds and market ex

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com The US investment-grade bond market is poised to experience some extraordinary changes in the year ahead, as the Federal Reserve’s withdrawal from its bond-buying programme comes into effect and as Europe starts to challenge the US as the place where corporates can get the cheapest cost of long-dated funds. Throughout 2013, the eu

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com In 2013 the European high-yield market not only broke previous supply records – it obliterated them. Total euro high-yield corporate issuance was €68.7bn, according to Societe Generale, more than 60% higher than the previous record of €42.9bn in 2010. It was not just in euros either. Sterling saw a spate of issuance as well, with

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com The offshore renminbi bond market is facing an unprecedented challenge this year as Rmb209bn (US$34bn) of bonds and certificate of deposits mature in 2014, the largest refinancing wave the nascent market has yet faced. The split of maturing paper is 66% from Chinese banks, 27% from Chinese corporations and 7% from foreign issuers.

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com There are solid reasons to forecast a positive outlook for global capital markets in 2014. The all-time record new-issue activity seen in 2013 in areas such as US investment-grade corporate debt, US syndicated lending, global high-yield or Asian G3 debt may not necessarily be breached in the forthcoming 12 months, but it is likely

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com Record loan volume in 2013 promises strong activity in Asia during 2014, as market momentum continues and M&A financings bolster deal flow. Already in 2014, Japanese alcoholic beverage manufacturer Suntory has energised the loan market with a multi-billion financing for its US$13.6bn acquisition of US spirits company Beam. The

To see the full digital edition of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com US Unless you were on another planet, you know the US Federal Reserve announced in December it would begin pulling back on its US$85bn per month stimulus, cutting purchases of both Treasuries and mortgage-backed securities by US$5bn each, starting this month. At the time, most commentators believed the taper would be a fairly line